Crypto Scams Stay Persistent: Exit Scams And Hacks Value Crypto Sector $160 million In February


The crypto trade is perpetually weak to malicious actions, with hackers seemingly relentless of their pursuits. It’s been solely two months into 2024 and crypto scams are already making their look. Based on blockchain auditor CertiK, crypto hacks and scams led to over $160 million in losses in February alone

Though this determine noticed a discount from January losses, crypto losses from hacks, scams, and exploits have racked up shortly and are actually at $343.5 million year-to-date.

Crypto Sector Loses $160 Million To Malicious Gamers

Based on the most recent replace by Certik, the cryptocurrency world has already been hit onerous by a collection of refined scams in 2024. The vast majority of February’s losses, about $101 million, got here from exploits of vulnerabilities of crypto tasks. Notably, Certik’s social media web page on X famous numerous situations of exploits all through the month. 

For instance, on February 28, Certik famous that omnichain CDP protocol Seneca USD was exploited and the perpetrators stole at the very least $3 million price of belongings. In complete, Seneca USD misplaced $6.46 million in February. 

The most important exploit, nevertheless, occurred on South Korean blockchain recreation growth platform PlayDapp. An attacker took benefit of the platform’s good contract vulnerability and stole $32.35 million price of cryptocurrency. Different massive exploits occurred on Mounted Float, Jihoz.Run, and DuelBits, which suffered losses of $26 million, $9.7 million, and $4.66 million respectively. 

Certik famous that buyers additionally misplaced $58.2 million to exit scams in February. That is when the builders of a crypto mission abruptly disappear with buyers’ funds after attracting large sums of cash. 

Complete crypto market cap is at the moment at $2.262 trillion. Chart: TradingView.com

Hong Kong-based cryptocurrency change BitForex accounted for almost all of the exit scams in February. The change abruptly went offline following the mysterious withdrawal of $56.5 million from its scorching wallets. RiskOnBlast, a playing and change platform, additionally disappeared with $1.29 million price of investor cash. 

The trade additionally misplaced $138,000 to flash loans, a drastic discount from the $15.3 million recorded in January. $6.4 million was returned, with the most important coming from the Seneca exploiter who returned 1,537 ETH price $5.3 million to the mission.

Can The Crypto Trade Be Really Free From Scams?

Cryptocurrencies present full anonymity to their customers, however hacks and thefts are among the drawbacks that come from the broader benefits of this anonymity. Regardless of numerous safety measures being employed, attackers have upped their recreation and expanded their operations through the years. 

Latest experiences, nevertheless, reveal that scams and exploits have decreased drastically prior to now yr. Notably, a report disclosed that losses from crypto scams dropped from $39.6 billion in 2022 to $24.2 billion in 2023. 

Featured picture from Pexels, chart from TradingView





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