As a seasoned researcher with over a decade of experience in the ever-evolving world of cryptocurrency, I find myself constantly amazed and slightly disheartened by the never-ending saga of hacks in this space. The latest heist on M2 Exchange, stealing $13.7 million worth of digital assets, is just another notch on the belt of cybercriminals.
Once more, digital currency thieves have struck, stealing approximately $13 million from a cryptocurrency platform in the latest instance of cybercrime in this sector.
A centralized digital currency exchange, identified as M2, reported being hacked and losing approximately $13.7 million in digital assets, according to a statement made on October 31st.
“We would like to report that the situation has been fully resolved and customer funds have been restored. M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests. All services are now fully operational with additional controls in place.”
As an analyst, I uncovered that unidentified hackers successfully pilfered approximately $13.7 million in Bitcoin (BTC), Ether (ETH), and Solana (SOL) from the exchange’s active wallets, as reported by the anonymous on-chain detective ZachXBT in a Telegram post dated November 1st.
Four months ago, a significant cyberattack was perpetrated against WazirX, an Indian crypto exchange, resulting in the theft of approximately $230 million worth of cryptocurrencies – making it one of the largest such heists in 2024 to date. As an analyst looking into this incident, I am closely monitoring the situation and assessing its potential impact on the broader digital asset market.
Crypto hacks soar to $19 billion in 13 years: the biggest issue for mass crypto adoption?
Hacks and scams are growing into the biggest challenge for mass cryptocurrency adoption.
From June 12, 2011, through June 12, 2024, the industry incurred approximately $19 billion in losses due to about 785 hacking incidents, as indicated by a report from Crystal Intelligence that was provided to CryptoMoon.
The biggest known instance of cryptocurrency theft occurred during the Plus Token scam in 2019, resulting in hackers obtaining approximately 2.9 billion dollars’ worth of Bitcoin and Ether.
Over the last two years, the PlayDapp security breach, which amounted to a staggering $290 million, stood as the biggest solo cryptocurrency theft recorded in February 2024.
Over the same timeframe, the JPEX investment scam in Hong Kong became the biggest individual crypto fraud case, leading to a theft of approximately $194.3 million worth of cryptocurrency.
A troubling indicator for adopting cryptocurrencies is that crypto heists in 2024 might surpass those of 2023, given that the first quarter of 2024 has already seen a theft of $542.7 million worth of funds, representing a 42% rise compared to the same period in 2023.
In recent years, centralized platforms have been the most sought-after prey by hackers when it comes to the total value they’ve managed to steal. Interestingly, over $579 million worth of assets were pilfered through the 10 largest hacks involving Decentralized Finance (DeFi) in the years 2023 and 2024.
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2024-11-01 14:31