In August 2024, cryptocurrency hackers unleashed a wave of attacks, stealing over $300 million in digital assets in more than ten incidents. This alarming rise in cybercrime has cast a shadow over the widely accepted cryptocurrencies, raising questions about their security.
According to blockchain security firm PeckShield, phishing attacks accounted for 93.5% of the stolen funds, amounting to $293.4 million. The two biggest thefts took $238 million worth of Bitcoin and $55.4 million worth of Dai, even the most established cryptocurrencies revealed by Weakness.
One significant example included the Ronin Network, which, after recovering $12 million from the hacker, lost $5.1 million in unauthorized transactions.
The broader picture is even more concerning. A report by Immunefi shows that the crypto industry had already lost $1.21 trillion to hacks and rug pulls by August 2024. These losses are not only shaking investor confidence but also hampering the industry’s growth.
However, there is a glimmer of hope. Led by Samczsun of the Security Alliance (SEAL), ethical hackers are stepping up efforts to hack the project. Since its launch in August 2023, SEAL has diligently fought to avoid further intrusions and has addressed over 900 tickets relating to hacks.
The crypto sector is facing these challenges head-on, but will it be able to strengthen its defenses in time to withstand the next wave of attacks?
