Monday, May 20, 2024

Cryptocurrency Hacks Soar: Over $165 Million Lost in a Single Month

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Subtitle: Investigating the Recent Spree of Major Hacks and Losses in the Cryptocurrency Space

In the volatile world of cryptocurrencies, security breaches and hacking incidents have become distressingly common. July has proven to be an especially turbulent month, with a staggering number of major hacks resulting in losses exceeding $165 million. In this investigative report, we dive into the details of these incidents, paying particular attention to the top five hacks, which account for a substantial 95% of the total stolen funds.

The Multichain Bridge Hack:
Unraveling the depths of these hacking activities, we encounter the distressing case of Multichain. A massive $209 million has been drained from the cross-chain Bridge, leaving investors and token holders reeling. This incident alone marks a significant portion of the total losses suffered during the month.

Base LP Pair Exploitation:
Our sources have received reports of a noteworthy incident involving the exploitation of LP pairs on Base. Approximately 340 ETH (valued at around $630,000) has been stolen, heightening concerns over the platform’s security measures. Investors should exercise utmost caution when engaging with Base until the situation is resolved. [1]

NFT Heists and Phishing Schemes:
While the growing popularity of non-fungible tokens (NFTs) has captivated the world of art and collectibles, it has also caught the attention of malicious actors. The Mutant Ape Yacht Club, known for its highly sought-after NFTs, fell victim to an alleged theft of NFT #13862, worth a significant sum. The culprit, identified as #PinkDraine, has yet to be apprehended, leaving the community on high alert. [2]

Meanwhile, the plague of phishing schemes targeting unsuspecting cryptocurrency users persists. Multiple incidents involving attempts to deceive individuals into sharing personal information have been reported. Investors are urged to exercise caution and remain vigilant, verifying the legitimacy of any links before clicking on them. [3]

Multichain Drainer’s Elaborate Scheme:
In an audacious move, a nefarious individual known as the Multichain Drainer has managed to transfer 220 WBTC (worth approximately $6.5 million) and convert them into 6.4 million USDT. Further investigation reveals that a significant portion of the ill-gotten USDT has been funneled into various addresses, including Binance, raising concerns about the exchange’s role in facilitating illicit activities. The authorities and relevant platforms have been notified to take necessary actions. [4]

Monopoly on BSC: A Large Liquidity Removal:
On the bustling Binance Smart Chain (BSC), the Monopoly token experienced a staggering 99.9% liquidity removal, which saw $115.8k BUSD being withdrawn. The sudden and drastic action has raised eyebrows within the community. Investigations are currently underway to uncover the motivations behind this liquidity removal and to ensure that investors are protected from potential manipulation. [5]

The cryptocurrency landscape has once again been marred by a rapid surge in hacking incidents, resulting in substantial financial losses. With over $165 million drained from various platforms and projects, the urgency for enhanced security measures cannot be overstated. As investors, it is imperative that we remain vigilant and exercise caution when engaging with the ever-evolving world of cryptocurrencies.

References:
[1] BaseScan: LP pair exploitation on Base, retrieved from https://basescan.org/tx/0xbb837d417b76dd237b4418e1695a50941a69259a1c4dee561ea57d982b9f10ec
[2] EtherScan: NFT theft by #PinkDraine, retrieved from https://etherscan.io/tx/0xe72914242ec36192a393af7ca55cd833b048df459c9fd22726d6cfd2aa72e635
[3] PeckShieldAlert, retrieved from Twitter: https://twitter.com/PeckShield/status/…
[4] PeckShieldAlert, retrieved from Twitter: https://twitter.com/PeckShield/status/…
[5] CertiKSkynetAlert, retrieved from Twitter: https://twitter.com/CertiK_io/status/…

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