Sat, March 2

290 Hacks Have Robbed The Crypto Industry Over $13 Billion

Exchange News

According to blockchain security firm Slowmist, hackers have looted the crypto industry of more than $13 billion in 290 different hacks.

As the crypto industry grows, the exploits seem to happen weekly either on an exchange, a blockchain, or a crypto wallet. The crypto users and investors must take precautions on storing their crypto assets.

The market is entering the bullish territory and the size of malicious attack is expanding, only in August there are several issues, such as the exploitation of the DeFi option provider, Failure of YAM v1 because of a rebase bug, and two attacks on Ethereum Classic.

More than $142 million worth of hacks happened in Ethereum based protocols, and over $1.15 billion damage resulted due to ERC-20 exploit. The centralized exchange has given up $4.6 billion to hackers. CISO Jason Lau said,

“Unfortunately, like the mainstream/traditional finance industry, crypto is not immune to hacking. Bad actors and hackers follow the money, and the recent strong performance of crypto markets has made exchanges especially attractive targets.”

With 115 has EOS DAPPS leads the way. Ethereum DAPPS has been hacked 21 times and TRON DAPPS hacked 20 times, respectively. Still, each hack helps the industry grow stronger with long-term security measures.

One recent hack to be noted is the Ryuk ransomware hack, in which over $1 million worth of bitcoin was sent as payments to controllers and passed through a wallet on the Binance exchange platform.

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