Ethereum, Bitcoin, and XRP Lead to $1.5 Billion in Crypto Scam Losses
The first half of 2024 has been marked by a surge in major hacks in the cryptocurrency space. Ethereum (ETH), Bitcoin (BTC), and XRP have accounted for more than $1.5 billion in crypto scam losses. This year, more than 200 major incidents have resulted in losses of approximately $1.56 billion.
Crypto Scam Losses Reach $1.5 Billion
According to Peck Shield Alert data, only $319 million worth of lost crypto funds have been recovered, and this year’s losses represent a staggering 293% increase compared to the same period in 2023, when losses reached $480 million.
Cryptocurrency Scams 2024 Overview, Source: PeckShieldAlert | X
DeFi protocols have also been the primary target of hackers. They account for 59% of the total value stolen. More than 20 public chains have faced major attacks during this period. Ethereum, Bitcoin, and XRP also topped the list in terms of the amount lost due to crypto attacks.
Ethereum and BNB Chain were also the most frequently targeted, each accounting for 31.3% of the total attacks, followed by arbitrum with 12.5% of the attacks. One of the most notable incidents occurred on June 3, 2024.
DMM Bitcoin, a major Japanese cryptocurrency exchange, has reported a significant breach. Attackers stole 4,502.9 BTC, worth over $300 million at the time. The incident highlights the vulnerabilities inherent in exchanges that manage large volumes of digital assets.
Also Read: XRP News: Whale Shifts 63 Million Coins as ripple Strengthens Its Case
Major XRP, ETH, BTC Hacks
A week after the DMM Bitcoin hack, UwU Lend, a decentralized finance (DeFi) lending protocol, was compromised on June 10. The breach led to the loss of approximately $19.3 million in digital assets. The hack underscores the ongoing risks associated with DeFi platforms, which typically operate with less regulatory oversight. The platform later offered a $5 million bounty to anyone who catches the hacker.
Earlier in the year, on February 3, 2024, Ripple co-founder Chris Larsen confirmed a major security breach involving his personal wallets. Initially, there were rumors that Ripple itself was targeted. However, Larsen clarified that the attack involved Ripple’s digital wallets and not its corporate assets.
The hackers managed to transfer 213 million XRP tokens worth around $112.5 million. On-chain detective ZachXBT also initially alerted the community to the suspicious transactions. In response to the theft, Larsen and various crypto exchanges took swift action to mitigate the impact.
Multiple exchanges, including MEXC, gate, Binance, Kraken, OKX, HTX, and hitbtc, have teamed up to freeze a significant portion of the stolen funds. binance alone has frozen $4.2 million worth of XRP to assist with the investigation.
Additionally, on April 2, 2024, a security breach occurred at FixFloat, a Bitcoin Lightning-based exchange. Unauthorized transactions led to financial losses exceeding $3 million. The incident highlighted repeated security issues at DifferentFloat, following a similar breach earlier in the year.
The company has also faced significant challenges securing its platform against repeated attacks. In February, hackers stole $26 million worth of Ethereum and Bitcoin from FixFloat. These digital assets were then deposited on exchanges to make a profit.
Also Read: Ethereum Leads Bitcoin in Network Fee Revenue by 2X Thanks to Layer-2s
✓ Share:
Kritika has over 2 years of experience in the financial news industry. Currently working as a crypto journalist at Coingape, she has consistently demonstrated a mastery of blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of emerging trends in finance, technology, and crypto.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Ethereum #Bitcoin #XRP #Lead #Billion #Crypto #Scam #Losses