2024 Record-Breaking Crypto Hacks, Over $220 Million Stolen

- Over $220 Million in Cryptocurrency Hacking Losses in 2024 - DeFi Projects and Exchanges Become Key Targets [Unblock Media] The cryptocurrency market in 2024 has been labeled the 'Year of Hacks and Plunder' due to numerous attacks. Hackers targeted DeFi (Decentralized Finance) projects and centralized exchanges, causing losses exceeding $220 million. This is a significant increase from the $180 million in losses reported the previous year. The rise in both the number of hacking incidents and the amount of losses supports this trend. In Japan, the cryptocurrency exchange DMM Bitcoin suffered a loss of 4500 BTC, valued at $3.08 billion, due to theft. The exchange is currently in the process of transferring customer accounts to another exchange, SBI VC Trade. This incident has significantly impacted the exchange's operations and damaged customer trust. DMM Bitcoin is developing a comprehensive plan to re-evaluate its security systems. In another case, PlayDapp experienced two attacks resulting in the theft of PLA tokens valued at $290 million. Hackers exploited vulnerabilities in private keys for these attacks, a weakness noted by TRM Labs and CertiK. The incident underscores the urgent need for implementing multi-signature authentication technology and strengthening private key management systems. India's exchange WazirX lost $235 million to hackers, causing it to suspend all withdrawals. Following the incident, regulatory inspections have intensified in the North American and Asian markets, with an international collaboration plan announced to recover the assets. The hack has potential links to North Korea, and the plan for asset recovery is ongoing. Trusted sources indicate that a thorough investigation into this hacking incident is necessary. Earlier this year, Orbit Chain had about $80 million in assets stolen. The assets were laundered through Tornado Cash, with Chainalysis mentioning this case in the context of improving tracking technologies. This incident exposed security vulnerabilities in DeFi projects. In the BtcTurk hacking incident, Binance managed to freeze $5.3 million, highlighting the importance of global cryptocurrency exchange cooperation. While most of the assets were safely secured, there was a loss of $54 million in AVAX. Binance's assistance in managing this incident is noteworthy. Radiant Capital lost $50 million through a sophisticated hack. The ESET Security Research Laboratory identified this incident as the latest evolution in social engineering attack techniques, emphasizing the need for enhanced personal information management training. The theft was executed via phishing attacks using messaging apps to exploit private keys. These incidents collectively illustrate that the cryptocurrency market remains vulnerable to security threats. It is crucial for companies and exchanges to build more robust security systems.