CandleFocus

Crypto Hack Alert: $640 Million Lost in Centralized Exchange Attacks

Author: Content Editor
The year 2024 has seen a significant increase in cryptocurrency scams and hacks, with over $1.2 billion worth of crypto stolen from blockchain platforms and centralized exchanges. Research reveals that control exploitation and phishing are the dominant forms of attack. Centralized exchanges were the most targeted, accounting for 50.13% of total losses. The largest hack of the year occurred at Japan's DMM Bitcoin exchange, resulting in the theft of $300 million. Ethereum and Binance Smart Chain were also targeted, losing $228.6 million and $89.85 million, respectively. Smaller blockchain platforms also suffered losses, indicating their relative infancy and lack of security. The WazirX exchange in India lost $230 million due to exploited access control mechanisms. Former Ripple founder Chris Larsen also fell victim to a significant attack, losing $112.5 million. These attacks highlight the evolving nature of hackers and the need for enhanced security measures in the cryptocurrency industry.

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