- Crypto hacks and scams on the rise every month.
- Major anomalies are ethical hacks upon the parent blockchains.
- Rug Pull and Discord Hack accounts to be the major attack modes.
Horrible is the entire crypto industry and so devastating was the month of June 2022. The overall market cap has dipped tremendously, with all the major crypto touching below their breakpoints.
Moreover, the price of Bitcoin (BTC) is now trading at $19K and that of Ethereum (ETH) is almost touching below 1K! These are epic rare situations that we couldn’t have certainly imagined a month ago.
Even though the entire market is down, and many fear investing, ethical hackers indeed continued their play as much as they could. So far it’s estimated that for the month of June 2022 alone, more than $250 million has been hacked from the industry, in different conditions.
Top Hacks and Losses
The Elrond (EGLD) and the Harmony (ONE) are the major two for contributing more than 80% of losses upon the $250 million lost in June, 2022. Both being basically strong blockchain tech firms, have suffered various hacks over time.
Despite immense security protocols and strict measures, the hacks are evident. All other sufferers vary only upon a single-digit million loss, except for Animoon, which lost about $20 million, due to Rug Pull scams hacks.
The rest of many hacks have taken place upon FSWAP, Osmosis, Apollo X, and much more, all accounting for losses of $1 million and a little more.
Top Hack Modes
The most commonly played hack and scam in the crypto industry is the ‘Rug Pull’ scam which has been going on for a long time. Fake crypto projects lure down investors to invest in the project which is not yet started and before starting they just pull the rug out, close the company and flee away with the investments.
The next widely played hack rather than a scam is the ‘Discord Hack’. This primarily uses webhooks to connect to a discord channel, thereby extracting data either stolen or encrypted. These hacks usually target the servers and the routers.
Apart from these, there are the ‘Contract Vulnerability’, the DNS Hacking and the Private Key Compromise, and much more.