Hackers have stolen more than $3 billion in cryptocurrency so far this year, shattering the previous record of $2.1 billion set in 2021, according to blockchain analytics firm Chainalysis.
A big chunk of that $3 billion, around $718 million, was taken this month in 11 different hacks, Chainalysis said in a series of tweets posted Wednesday.
"October is now the biggest month in the biggest year ever for hacking activity, with more than half the month still to go," the company tweeted.
In past years, hackers focused their efforts on attacking crypto exchanges, but those companies have since strengthened their security, Chainalysis said. These days, cybercriminals are targeting "cross-chain bridges," which allow investors to transfer digital assets and data among different blockchains.
The bridges hold a lot of cryptocurrencies, providing a larger and more complex arena for hackers to infiltrate, according to cybersecurity experts.
"Cross-chain bridges remain a major target for hackers, with three bridges breached this month and nearly $600 million stolen, accounting for 82% of losses this month and 64% of losses all year," Chainalysis said.
Hackers initially made of with$570 million in cryptocurrency from Binance, but company officials have minimized the losses to under $100 million, its CEO said last week. Hackers also struck Nomad in August, reportedly taking nearly $200 million. Both the Binance and Nomad attackswere instances of hackers exploiting security flaws within the cross-chain bridge transaction protocols.
Crypto.com, known for its recent $700 million deal torename the former Staples Centerin Los Angeles, said in January that hackers managed to bypass its two-factor authentication system and withdraw funds from 483 customer accounts. Harmony lost about $100 million in ahack in June.Crypto platforms WormholeandRoninNetwork were also targets of hackers this year.
All told, Chainalysis said there have been 125 hacks so far this year.
Binance CEO Changpeng Zhaosaidin an interview with CNBC last week that the crypto industry is vulnerable to hackers whenever customers move assets from one blockchain to another, but the goal is to learn from what caused the hack and develop extra safeguards in the future.
Cryptocurrency is not federally regulated or FDIC insured like a bank account, which means if an account gets hacked, the government will not work to restore a customer's funds.
Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
Hackers have stolen more than $3 billion in cryptocurrency so far this year, shattering the previous record of $2.1 billion set in 2021, according to blockchain analytics firm Chainalysis
Chainalysis
Chainalysis is an American blockchain analysis firm headquartered in New York City. The company was co-founded by Michael Gronager, Jan Møller and Jonathan Levin in 2014, and is the first start-up company dedicated to the business of Bitcoin tracing.
The amount of cryptocurrency stolen through hacks and network exploits more than doubled to $1.38 billion in the first six months of the year, according to the blockchain intelligence firm TRM. Five large attacks accounted for 70% of all the crypto that was stolen.
Two Brothers Arrested for Attacking Ethereum Blockchain and Stealing $25M in Cryptocurrency. An indictment was unsealed today charging Anton Peraire-Bueno, 24, of Boston, and James Pepaire-Bueno, 28, of New York, with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering.
The report found that people over 60 years old were the most scammed: they lost nearly $1.6 billion in 2023. "Elderly have generally a lot more free time," Barnacle explained.
Hackers more than doubled their cryptocurrency spoils in the first half of 2024 compared with a year ago, a report from blockchain research firm TRM Labs showed. The report said hackers looted crypto valued at $1.38 billion between Jan.1 and June 24, more than double the $657 million during the same period a year ago.
What Is the Biggest Bitcoin Hack In History? Only counting bitcoins, Mt.Gox is likely the largest bitcoin hack, with more than 650,000 bitcoins stolen.
Crypto hacks had more than doubled in the first seven months of 2024, with stolen funds reaching $1.6 billion. The spike was driven by an increase in digital asset prices, including Bitcoin, which saw a record high. Asian exchanges were heavily targeted, raising concerns about the security of crypto platforms globally.
Most recovery companies are scams; there are no legitimate ones. It's important to understand that once money is lost or given away in a scam, it cannot be recovered. Any individual or company claiming otherwise is simply another scammer. I've been scammed $400k in cryptocurrency.
Fallen crypto mogul Sam Bankman-Fried sentenced to 25 years in prison. FTX founder Sam Bankman-Fried was sentenced Thursday to 25 years in prison for a cryptocurrency fraud that a prosecutor has described as one of the biggest financial frauds in U.S. history. His parents left the courthouse without comment.
Binance founder and CEO Changpeng Zhao (commonly known as CZ) was the crypto billionaire who lost the most money following the crypto crisis of 2022, with a net worth drop amounting to 82 billion U.S. dollars.
Layerzero (ZRO) and arcblock (ABT) also saw significant losses, declining by 9.98% and 9.32%, respectively. Ethereum (ETH), one of the leading cryptocurrencies, was among the top losers, decreasing by 8.92% over the past week.
Americans Lost $5.6 Billion Last Year in Cryptocurrency Fraud Scams, the FBI Says. Sept. 9, 2024, at 1:36 p.m. WASHINGTON (AP) — Americans were duped out of more than $5.6 billion last year through fraud schemes involving cryptocurrency, the FBI said in a report released Monday that shows a 45% jump in losses from 2022 ...
If your assets are stolen, you're out of luck. Enabling secure access to these cryptocurrency assets is absolutely critical to preventing theft — which, as of the end of 2020, amounted to just over $10 million a day — and/or lockout of one's potential fortune.
One major reason: they've lost access to their account. In fact, more than $100 billion in Bitcoin is estimated to be lost – but some is recoverable, says at least one firm. A 2020 report from Chainalysis, a forensics company, estimated that about 3.7 million bitcoins have been lost.
Bitcoin is a relatively new technology, but in its twelve years of existence, Bitcoin has proven itself to be the most secure digital system in the world and the most reliable monetary system ever invented. Bitcoin's blockchain has never been hacked, and zero counterfeit currency has ever been uttered on the network.
Americans lost $5.6 billion last year in cryptocurrency fraud scams, the FBI says. WASHINGTON (AP) — Americans were duped out of more than $5.6 billion last year through fraud schemes involving cryptocurrency, the FBI said in a report released Monday that shows a 45% jump in losses from 2022.
The biggest cryptocurrency hack to date took place in March 2022 when hackers attacked the Ronnin network supporting the popular Axie Infinity blockchain gaming platform. They stole approximately $625 million worth of Ethereum and the USDC stablecoin.
Introduction: My name is Terence Hammes MD, I am a inexpensive, energetic, jolly, faithful, cheerful, proud, rich person who loves writing and wants to share my knowledge and understanding with you.
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