Weekly Crypto Hack Report: Stolen Assets Cross Over $30 Million Over the Week
The post Weekly Crypto Hack Report: Stolen Assets Cross Over $30 Million Over the Week appeared first on Coinpedia Fintech News
The cryptocurrency market is still struggling with increased attacks, which affect defi applications, smart contracts, and accounts in social networks. The last week has been terrible regarding the hacks and the financial damage exceeded over $30 million.
From hijacking projects’ social media accounts or stealing public attention to smart contract hacks and sophisticated coding attacks, the increasing frequency of attacks proves that the crypto ecosystem needs more security as it expands.
1. Giggle Academy’s X Account Breach
Binance CEO CZ acknowledged there was an X account hack on Giggle Academy. Cybercriminals used the account to spread links to phishing sites and fake news, up to the “new CEO.” CZ asked users to stop interacting with that account until the team could find a way to regain control of it. The educational project is recognised for delivering affordable and game-based approaches to learning.
2. Dogwifcoin (WIF) Social Sites Hacking
The X account of meme token Dogwifcoin (WIF) was disturbed on November 15, 2024. Some users fell victim to token phishing where hackers created links with actual token contracts. There were no reported losses of funds but this case shows that platforms need to be more concerned about the security of social media accounts in crypto.
3. Derailing DeFi; Thala’s $25.5M exploit
DeFi platform Thala based in Aptos lost $25.5 million to a flaw in v1 farming contracts. The hackers, they went ahead and broke the protocol in a way that enabled the attack to withdraw liquidity pool tokens. Thala froze a number of affected contracts and offered a $ 300,000 reward for the return of assets. MOD tokens worth around $9m and THL tokens worth $2.5m were affected during the freeze.
4. DeltaPrime Protocol Breach
The decentralised finance platform of DeltaPrime was hacked on November 11, 2024, where attackers took over the platform’s smart contracts on Avalanche and Arbitrum. The primary damages were amounting to $4.75 million, effectively hitting the protocol hard.
It attacked the company’s lending process as its main focus. The attackers abused its loan functions, and as a result, got more money on funds than the collaterals allowed. This led to a systemic drain of liquidity from any pool throughout the network. The team immediately stopped the protocol to prevent any more harm from being done.
That was all for this week’s crypto hack report, stay tuned as we bring more for you!
