Oh, look! Over $2 billion up in crypto smoke in just three months. That’s some serious virtual paper burning.
Hacken, the crypto cybersecurity bros, told CryptoMoon that $1.63 billion vanished into thin air thanks to access control snafus. Anmol Jain, the crypto detective, spilled the beans that the Bybit hack was the cherry on top of this crypto-cake-wreck.
PeckShield, the other cybersecurity bunch, also said, “Yup, that’s a lot of dough gone” – minus the scams, of course. Their math? $1.6 billion down the crypto drain.
In late February, the North Korean hacker crew was like, “11,000 crypto wallets? We got this.” They’re practically running a laundry service for stolen coins. Who knew Kim Jong-un was into washing money?
This hack was a real showstopper. Remember 2024? Total loss: $2.25 billion. Hacken’s tip? Secure everything, because one weak link = total chaos. Blockchain? More like block-pain.
“Securing digital assets requires more than just secure on-chain code — the entire infrastructure, from front-end interfaces to internal processes, must be equally hardened, as all it takes is a single weak spot to wreck the entire system.“
No one is safe
Even the big dogs got their crypto bones stolen. Operational fails, access control gone wild, and a dash of social engineering made for a tasty hacker feast.
Turns out, smart contracts can be dumb, but most damage is from human goofs, process potholes, or permission system pratfalls. And multisig wallet hacks? That’s the new black.
The ByBit hackers were like, “Your Safe{Wallet}? Not so much.” Previous multisig debacles? Radiant Capital and WazirX took a hit too.
The crypto scam industry
Phishing scams and rug pulls? They’re the crypto party poopers, racking up nearly $400 million in losses. Jain says scams are now a startup-style ‘industry’. How… innovative?
“The most worrying trend is the professionalization of scam networks, where criminals operate with startup-like efficiency, including ‘training programs’ for scammers, internal quotas, and multi-stage laundering schemes using platforms like Huione Pay.“
Huione’s the place to be if you’re into illegal stuff. Their monthly ‘income’ is up by 51%. They even have a stablecoin for… stability in crime, I guess?
Most pig butchering scams? Southeast Asia’s the place. Cambodia, Myanmar, Laos – it’s like a cybercrime holiday resort. And the ‘staff’? Often trafficked kids. Charming.
Read More
- Best Race Tier List In Elder Scrolls Oblivion
- Elder Scrolls Oblivion: Best Pilgrim Build
- Days Gone Remastered Announced, Launches on April 25th for PS5
- Elder Scrolls Oblivion: Best Thief Build
- Gold Rate Forecast
- Ludicrous
- Justin Baldoni Opens Up About Turmoil Before Blake Lively’s Shocking Legal Claims
- Elder Scrolls Oblivion: Best Sorcerer Build
- Yvette Nicole Brown Confirms She’s Returning For the Community Movie
- Where Teen Mom’s Catelynn Stands With Daughter’s Adoptive Parents Revealed
2025-04-02 16:27