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Crypto Hacks Down, But Hackers Still Stole About $1.7 Billion in 2023 From Crypto Projects

13Dec

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Technology

Crypto Hacks Down, But Hackers Still Stole About $1.7 Billion in 2023 From Crypto Projects

[ad_1] The amount of funds crypto projects lost to hackers has declined by about half to around $1.7 billion so far this year, amid improved security measures and an uptick in law enforcement actions. Even with any additional hacks in December, this year will likely “finish with significantly lower totals than 2022,” according to TRM Labs, which helps clients detect financial crimes. Last year's tally of $4 billion from crypto hacks included a number of large thefts, such as a $600 million-plus attack on a blockchain network called Ronin bridge that was connected to the Axie Infinity game. “While we are always one Ronin-size hack away from a record setting year, the global focus on cybercrime is likely to, at least in part, mitigate some of the activity which is critical in order for t...

1Nov

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Technology

LastPass hack causes whopping $4.4 mn loss in crypto to victims!

[ad_1] In this digital age where everything is online, cybersecurity personnel advise keeping a password manager that can help you manage multiple passwords that you have set up for different platforms while also creating complex passwords for you. But what if the password manager itself becomes the target of hackers? This is exactly what happened with LastPass, the password manager application owned by GoTo. On October 25, at least 25 LasPass users were targeted by cybercriminals who siphoned over $4.4 million from them in crypto. Let us take a closer look.LastPass hack: What happenedAccording to blockchain analyst ZachBXT (via CoinDesk), the popular password manager LastPass has become the latest target of hackers. This is the second cyberattack on the platform in less than a year aft...

Cryptoverse: Hack jitters push bitcoin investors back to the future

13Oct

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Technology

Cryptoverse: Hack jitters push bitcoin investors back to the future

[ad_1] The global hardware wallet market, valued at $245 million in 2021, could reach well over $1.7 billion by 2030. It's not easy being a crypto investor. They've seen the value of their holdings drop like a brick this year, and now many are stewing over the safety of their crypto cash after a series of heists that's seen around $2 billion spirited away by hackers.Enter the ghost of technology's past. Hardware wallets - old-school physical devices similar to USB drives that stash crypto holdings offline - might seem a throwback to a more innocent digital age, but they're proving to be a popular response to a cutting-edge conundrum. The global hardware wallet market, valued at $245 million in 2021, is expected to swell to over $1.7 billion by 2030, according to market research firm S...

Crypto Attack Swipes $100 Million From DeFi Service Mango; This Is How It Was Done

12Oct

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Technology

Crypto Attack Swipes $100 Million From DeFi Service Mango; This Is How It Was Done

[ad_1] An attacker spirited away about $100 million from decentralized finance provider Mango. An attacker spirited away about $100 million from decentralized finance provider Mango by manipulating the price of its token in an exploit that wiped out depositors on the crypto platform.The heist began with two accounts funded with the stablecoin USD Coin, the platform said Wednesday on Twitter. The accounts took large positions in Mango perpetual futures, causing the price of the Mango token to spike. The price jump stoked an unrealized profit from the futures. The attacker used that to borrow and withdraw roughly a net $100 million from the protocol in a range of tokens -- leaving depositors with nothing, according to Mango. “This incident has effectively resulted in a total draining of...