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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 23, 2024 07:57 UTC
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Crypto Hack Weekly Report: $2.2 Billion Stolen in 2024, Centralized Exchanges Hit Hard
Cyberattacks in the crypto space are escalating, with major hacks, North Korean involvement, and increasing sophistication.
The Indian exchange faces legal troubles after a $235 million hack, leading to delisting from Binance and potential shifts in its business model.
Crypto is increasingly used for illicit activities, including funding North Korean weapons programs.
The cryptocurrency world faced a sharp rise in cybercrime this week, with attacks becoming more frequent and increasingly sophisticated. From multi-million-dollar breaches to sanctions targeting global laundering operations, the industry is under attack.
The sheer scale of the losses raises serious questions about the security of digital assets.
Who are the masterminds behind these attacks? How are platforms like WazirX and DeFi projects coping with the fallout? Let’s dive in for the full story.
Billion-Dollar Hacks Hit Hard
Crypto fraud continues to plague the industry, with hackers stealing $2.2 billion in 2024 alone, according to Chainalysis. This marks a 21% increase from 2023. Centralized exchanges have now become the primary targets, replacing DeFi platforms as the hardest hit.
North Korean hackers remain a major threat, stealing $1.34 billion this year—more than double their total for 2023.
Wazirx Under Siege: Delisting and Legal Battles
India’s cryptocurrency exchange WazirX is facing serious challenges after a $235 million hack earlier this year. The Delhi High Court has called for a reinvestigation into the case, adding to the platform’s mounting problems.
To make matters worse, Binance delisted the WRX token, leading to a 51% drop in its value. With trust among users eroding, WazirX is exploring options, including shifting to a decentralized exchange (DEX) model.
Flash Loan Attack Exposes DeFi Vulnerabilities
Slurpycoin, a token on Binance Smart Chain, was the latest victim of a flash loan exploit. A hacker used the token’s buyback mechanism and arbitrage strategies to steal $3,000, exposing weaknesses in DeFi tokenomics.
U.S. Sanctions Tackle Crypto Laundering
The U.S. Department of the Treasury sanctioned two individuals and UAE-based Green Alpine Trading, LLC, for laundering cryptocurrency used to fund North Korea’s weapons program. These operations funneled millions to finance missile development, showing the global impact of crypto-related crime.
LastPass Breach Leads to Wallet Drains
The fallout from the LastPass backup data breach worsened this week. Hackers used stolen vault data to compromise more than 40 crypto wallets, stealing $5.36 million. This adds to the $200 million already lost in connection with the breach, highlighting the dangers of storing sensitive data online.
Other Recent Incidents
- zkPass Protocol: Users were targeted by phishing scams after attackers compromised the project’s X (formerly Twitter) account.
- BTC24H (Polygon): Vulnerabilities in the project’s contract resulted in $85,700 in losses.
Hackers are becoming more innovative, making it crucial for companies to improve security, governments to cooperate internationally, and users to stay vigilant.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
The stakes are high, but with better defenses and awareness, the industry can push back against the rising tide of crypto crime.
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