WazirX Suffers $230M Loss in Crypto Hacks Surge Led by North Korea’s Lazarus Group
The post WazirX Suffers $230M Loss in Crypto Hacks Surge Led by North Korea’s Lazarus Group appeared on BitcoinEthereumNews.com.
The crypto sphere has been facing several severe hacking incidents recently. In July 2024, there was a notable spike in security breaches, as highlighted by PeckShield. One of the most shocking incidents involved WazirX, a prominent Indian centralized crypto exchange, losing a colossal $230 million. Discover the escalating trend of crypto hacks, with a detailed look at the significant incidents and their implications for the industry. Major Hacking Incidents in July 2024 PeckShield reported a stark increase in crypto-related security breaches for July 2024, totaling 16 incidents that led to losses of approximately $266 million. The most devastating attack targeted WazirX, resulting in a $230 million theft. This attack was reportedly executed by the Lazarus Group, which utilized crypto-mixing services like Tornado Cash to launder the stolen funds. Details on WazirX Hack The $230 million loss suffered by WazirX stands out as the most substantial single breach. The exchange responded by halting its operations and offering a $23 million bounty as an incentive for the attackers to return the stolen cryptocurrencies. Additionally, WazirX proposed a “socialized loss strategy” to distribute the financial impact evenly across all its users. Additional Noteworthy Incidents Following the WazirX breach, other platforms also experienced significant security incidents. Compound, an algorithmic protocol, faced a governance attack with potential losses amounting to $24 million. Bridging protocol LI.FI and decentralized AI protocol Bittensor also fell victim to hacks, resulting in losses of $9.73 million and $8 million, respectively. Other Affected Platforms Several other cryptocurrency platforms were also affected by hacks. Liquidity provider RhoMarkets and decentralized lending platform DeltaPrime experienced breaches amounting to $7.6 million and $1 million, respectively. Both platforms, however, managed to recover a substantial portion of their lost funds. Terra suffered a $4 million breach, while DoughFina, Minterest, and MonoSwap faced losses of $1.86 million, $1.4…
Filed under: News - @ August 4, 2024 10:04 pm