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Cryptocurrency Community lost $210 Million to hacking incidents in January 2024

In a notable conclusion to January 2024, recent reports reveal that Chris Larsen, the Executive Chairman of Ripple, experienced a significant $112 million breach in his personal account. Cryptocurrency Hacking January 2024

This adds to the series of exploits that have already occurred within the first month of the year. Based on information provided by the media regarding these hacks and exploits, Technext has estimated that the cumulative amount lost in the crypto industry due to hacking in January 2024 amounts to $210.7 million.

The findings from security app De.Fi’s researchers indicate that in 2023, crypto users suffered losses of nearly $2 billion as a result of scams, rug pulls, and hacks. This serves as a clear indication that the industry continues to face vulnerabilities and security risks.

Ripple Co-Founder Hacked.

Ripple co-founder and Chairman Chris Larsen confirmed that his personal cryptocurrency accounts were compromised. Initially, there were reports suggesting that the company itself had been hacked, but Larsen clarified on Twitter that it was his personal XRP accounts.

The issue was addressed and exchanges notified to freeze affected addresses. Law enforcement is already involved in the investigation. While the exact amount of the breach was not confirmed, it is estimated to be around 213 million XRP, equivalent to approximately $112.5 million.

Other losses as of January

On January 2nd, Orbit Chain, a South Korean platform, suffered a devastating hack that resulted in a loss of more than $80 million. The breach was attributed to compromised multi-signers, and various cryptocurrencies, including stable-coins like ether and wrapped btc, were affected.

The following day, Radiant Capital, a cross-chain lending platform, faced a similar situation. They suspended lending and borrowing activities on the Arbitrum network after their newly introduced USDC market fell victim to a flash loan attack. The attack took advantage of vulnerabilities in the codebase. It led to a loss of $4.5 million shortly after the market’s launch.

Another incident occurred on January 8th. This is when Gamma Strategies, a DeFi protocol, encountered a vulnerability in its accounting mechanism. This vulnerability allowed an attacker to exploit a high price change threshold in LST and stablecoin vaults, resulting in a loss of $3.4 million. The attacker managed to withdraw over 1500 ETH.

Additionally, CoinsPaid, a digital asset processor based in Estonia, suffered its second hack in six months. Unauthorized withdrawals of USDT, Ether, USD Coin, and CPD tokens led to a loss of $7.5 million.

Furthermore, Socket Tech, a company behind several Web3 applications, fell victim to an exploit. The breach targeted Bungee Exchange. A component of Socket Protocol, and resulted in a loss of $3.3 million. The hacker took advantage of a flaw in Socket’s gateway, allowing unauthorized fund transfers from users who had granted unlimited access.

Although the exact amount lost was not disclosed, experienced a “serious” security breach on January 22nd. The breach was a result of a targeted social engineering attack,the attacker compromised a deployer wallet and exploited the protocol.

In total, the known amount lost to exploits and hacks in the global crypto space this January 2024 is a staggering $210.7 million. Cryptocurrency Hacking January 2024

Source: Technext24

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