Crypto Catastrophe: $1.5B Vanished in February's Hilarious Heist!

In a month that could only be described as a veritable circus of calamity, crypto scams, exploits, and hacks have collectively pilfered nearly $1.53 billion in February. The pièce de résistance? A staggering $1.4 billion Bybit hack, which, according to the esteemed blockchain security firm CertiK, has taken the lion’s share of the loot. 🦁💰

On February 21, the notorious Lazarus Group from North Korea decided to throw a party at Bybit, and boy, did they bring the house down! This was no ordinary hack; it was the largest crypto heist ever, more than doubling the previous record set by the $650 million Ronin bridge hack in March 2022. And guess who was behind that one too? You guessed it—Lazarus! Talk about a recurring villain! 🎭

Now, if you thought February’s losses were just a minor hiccup, think again! That’s a nearly 1,500% leap from the $98 million recorded by CertiK in January. Excluding Bybit’s unfortunate mishap, the remaining crypto losses still totaled over $126 million, which is a 28.5% increase. It seems the hackers are having a field day! 🎉

Bybit reported that the attackers had taken control of a storage wallet, which is a bit like leaving your front door wide open and expecting no one to come in for tea. The FBI later confirmed that North Korea was indeed behind the attack, and they’ve started to scatter the stolen crypto like confetti at a particularly wild wedding. 🎊

CertiK also noted that the second most significant incident of the month was the February 24 hack on stablecoin payment firm Infini, which lost a cool $49 million. It’s almost as if these hackers are competing for a gold medal in the “Who Can Steal the Most Money” Olympics! 🥇

In a report dated February 27, CertiK revealed that a key wallet used in the Infini attack had previously been involved in developing Infini contracts. It seems admin privileges can be a double-edged sword, or in this case, a single point of failure. “One fundamental aspect of blockchain security is understanding how to protect your private keys,” they wisely advised. 🔑

The Infini team, in a moment of sheer optimism, offered the hacker a chance to keep 20% of the stolen loot if they returned the rest. They even promised that the hacker wouldn’t face any legal consequences. Talk about a generous offer! But alas, the 48-hour deadline has come and gone, and the hacker’s wallet still boasts a balance of over 17,000 Ether (ETH), worth a whopping $43 million. 💸

As of now, there’s been no public announcement on whether the hacker plans to accept the offer and return any funds. Perhaps they’re too busy counting their ill-gotten gains? 🤔

Meanwhile, decentralized money lending protocol ZkLend suffered the third-largest exploit for February, losing $10 million to hackers on February 12. It’s almost as if the hackers have a calendar marked with all the best days to strike! 📅

Overall, CertiK reports that the top category for losses in February was wallet compromises, followed by code vulnerabilities, which resulted in $20 million in losses, and then phishing, which saw hackers steal $1.8 million. It’s a veritable buffet of misfortune! 🍽️

Interestingly, losses to crypto scams, exploits, and hacks were on the decline in the final days of 2024, with December registering the smallest amount stolen at $28.6 million, compared to $63.8 million in November and $115.8 million in October. Perhaps the hackers decided to take a holiday? 🎄

2025-03-03 09:25

Crypto Catastrophe: $1.5B Vanished in February’s Hilarious Heist!

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