The post Crypto Hack Report 2024: Reasons And Measures appeared on BitcoinEthereumNews.com.

The year 20204 has seen numerous cryto hacks with over $2 Billion lost to over 300 hacks as per reports. American blockchain analysis firm Chainalysis has recently released a Crypto Crime Report highlighting data on crypto crimes from 2015 to 2024. Source: Chainalysis The data on the bar graph suggests that crypto hacks have increased over time, and 2024 experienced the maximum number of hacks in the crypto industry. In contrast, the year 2022 witnessed the biggest loss of worth $3.7 Billion in 231 hacks. Source: Chainalysis The funds were stolen due to various vulnerabilities, with private key compromise being the major reason. This indicates that centralized exchanges are highly prone to crypto hacks, even after the KYC process and central authority.  DeFi platforms hacks happened due to smart contracts and security vulnerability, indicating the need to create robust security systems to protect the blockchain networks. Top Crypto Hacks of 2024 Here are the top crypto hacks out of 303 hacks: – Advertisement – Orbit Chain Hack Orbit Chain, a cryptocurrency platform based in South Korea, lost over $80 Million due to a hack in which crypto hackers accessed multi-signature signers. The hackers compromised digital keys and stole stablecoins, Ether (ETH), and Bitcoin (BTC). Additionally, they utilized some advanced tools to hide the information related to the transaction recipient. DMM Bitcoin Hack DMM Bitcoin, a Japanese Cryptocurrency exchange, lost almost 4502.9 BTC worth $305 Million. The crypto hackers took advantage of the platform’s vulnerabilities, thereby, making it one of the largest cryptocurrency hacks of 2024. WazirX Hack Lazarus Group, a North Korea-backed hacker organization, hacked an Indian cryptocurrency exchange, WazirX. The group breached the exchange platform, which resulted in the loss of $235 Million. Multiple crypto hacks have reportedly been carried out by North Korean hackers, representing 61% of the total…

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Filed under: News - @ December 22, 2024 2:15 am