AUTHOR: TYLER DURDEN
Written by Naveen Athrappully via The Epoch Times (emphasis on ours),
Over half a billion cryptocurrency was stolen in the second 4th of that year as a consequence of burglaries and fraud, with 2 incidents accounting for most of the stolen funds, according to a fresh bug platform study of the Immunefi bounty.
The losses of cryptocurrency in the second 4th of 2024 totalled over $572 million, reported in June report. Over $564 million in losses were caused by 53 hacking incidents, and the remaining $8.45 million for 19 fraud incidents. Hacking was liable for 98.5% of losses, and fraud was 1.5 percent. The 2 major hacker incidents this 4th accounted for $360 million (62.8 percent) of full losses.
The first was a hacking attack of May 31 on the nipponese cryptocurrency platform DMM Bitcoin, which resulted in a failure of about $305 million, while the second was a cyber attack aimed at the Turkish cryptocurrency exchange BtcTurk on June 23, which caused the theft of funds worth $55 million.
Over $920 million of losses in cryptocurrency have been identified, which represents a 24% increase compared to the same period last year.
The main objectives of the exploits were those active in centralised finance (CeFi). In CeFi, all cryptocurrency transactions are handled through a central exchange. This stands in contrast to decentralised finance (DeFi) in which there is no stock exchange active in trade.
CeFi's losses accounted for 70 percent of full losses and DeFi accounted for the remaining 30 percent.
"This 4th shows how infrastructure hacks can be the most destructive hacks in cryptocurrency due to the fact that a single compromise can lead to millions of damage," said Immunefi CEO Mitchell Amador.
"This was evident in this quarter, in which losses increased mainly due to the intrusions in CeFi's infrastructure, surpassing DeFi, despite the smaller number of burglaries in this sector. Strong measures to defend the full ecosystem are crucial".
According to the US national Trade Commission (FTC) payments by cryptocurrency "usually not reversible". Therefore, hacked cryptocurrency can be hard to recover.
According to Immunefi data, $26.7 million was recovered from 4 incidents in the second quarter, representing only 5 percent of full losses. The recovery rate was a slight improvement in relation to 3.9 percent recovered in the second 4th of 2023.
Survey conducted in April 2023 by Pew investigation showed that 17 percent of adult Americans invested, traded or utilized cryptocurrency.
Cryptocurrency Hackers
The U.S. Department of Justice has arrested respective people in connection with cryptocurrency hacking incidents over the past year.
In May 2 brothers remained arrested For alleged theft of a $25 million cryptocurrency. The duo tried to make the robbery "with a technologically advanced, innovative plan that they planned for months and executed in seconds," said Deputy lawyer General Lisa Monaco.
They are accused of manipulating and manipulating the processes utilized to validate transactions on blockchain Ethereum.
THis allegedly allowed them to access any pending transactions and yet bargain the cryptocurrency of people.
In April Shakeeb Ahmed, a erstwhile safety engineer at a technology company, remained convicted for 3 years in prison for breaking into 2 decentralised cryptocurrency exchanges and stealing over $12 million in cryptocurrency.
In 1 incidental he attacked Nirvana Finance's cryptocurrency stock exchange and stole $3.6 million in funds. The theft active almost all the assets belonging to the company. As a result, Nirvana was forced to close.
Meanwhile, cryptographic fraud besides causes serious losses to average citizens. According to the FTC, the Americans reported In Last year's failure of over $10 billion as a consequence of fraud. Consumers said they lost more money as a consequence of fraudulent bank transfers and cryptocurrency than all another methods taken together.
"Digital tools make getting to hard-working Americans easier than ever, and the effects we see in the data we print today," said Samuel Levine, manager of the FTC Consumer Protection Office.
"FTC works hard to take action against this fraud" – he added.
By report The Institute for Marketplace Trust of 2023, investment/script frauds were at the top of the list of "most risky frauds" last year. Over 80 percent of the victims of these frauds reported a monetary loss.
Translated by Google Translator
source:https://www.zerohedge.com/
