Burn

United

Incognito

Tornado

Gala

<p>The post <a href="https://coinpedia.org/news/crypto-hack-weekly-report/">Crypto Weekly Report: Exposing Hacks, Heists, &amp; Takedowns</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In this week’s guide, we plan on exposing the dark underbelly of the crypto industry. We’ll dissect the latest exploits of North Korea’s Lazarus Group, a daring heist targeting Gala Games with a surprising twist, and the takedown of a major online drug marketplace.</p> 
<p>These cases highlight the ever-present threats facing the crypto industry.</p> 
<h2 class="wp-block-heading" id="h-lazarus-group-strikes-again"><strong>Lazarus Group Strikes Again! </strong></h2> 
<p>In a startling revelation by the United Nations, the notorious <a href="https://coinpedia.org/news/lazarus-group-transfers-147-5m-stolen-crypto-to-north-korea-via-tornado-cash-confidential-un-report">Lazarus Group</a>, a cybercrime syndicate hailing from North Korea, made headlines by laundering a staggering $147.5 million worth of stolen cryptocurrency back to North Korea. Using Tornado Cash, a crypto mixer blacklisted in 2021, they stealthily funneled their ill-gotten gains, leaving authorities scrambling in their wake.</p> 
<p>This isn’t the first time the Lazarus Group has struck gold. In March 2023, they orchestrated a daring heist on the crypto exchange HTX, making off with millions. Their adept use of Tornado Cash facilitated seamless money laundering, with the UN report revealing a staggering $3 billion pilfered from crypto enterprises between 2017 and 2024.</p> 
<h2 class="wp-block-heading" id="h-gala-games-under-attack"><strong>Gala Games Under Attack</strong></h2> 
<p>On May 20, 2024, <a href="https://coinpedia.org/news/did-gala-games-suffer-200-million-or-21-million-hack-latest-updates-on-the-attack">Gala Games fell victim</a> to a malicious hack that saw attackers minting a whopping 5 billion <a href="https://markets.coinpedia.org/gala/">$GALA tokens</a> without authorization. Initially estimated at a staggering $200 million loss, Gala Games managed to mitigate the damage, with the true value standing at $21 million before their swift intervention.</p> 
<p>Operating with administrative access to Gala Games’ smart contract, the attacker unleashed a torrent of illicit tokens, plunging the market capitalization of the GALA token from $0.048 to $0.0388. Despite the chaos, Gala Games’ resilience shone through as they recovered and the token price bounced back to $0.042.</p> 
<p>In a surprising turn of events, the attacker returned 5950 ETH worth about $22.75 million. Gala Games announced a Burn Program, utilizing the recovered funds to purchase $GALA tokens and burn them, aiming to restore stability to the token’s value.</p> 
<h2 class="wp-block-heading" id="h-the-fall-of-the-dark-lord"><strong>The Fall of the “Dark Lord”</strong></h2> 
<p>In a dramatic showdown, federal agents apprehended <a href="https://coinpedia.org/news/kingpin-of-100m-incognito-market-dark-web-drug-empire-arrested">Rui-Siang Lin</a>, the mastermind behind the ‘Incognito Market’ empire, at John F. Kennedy International Airport on May 18. Lin faced multiple charges and eventually pled guilty, sealing his fate and ensuring a lifetime behind bars.</p> 
<p>From October 2020 to March 2024, Incognito Market thrived as a black market for narcotics, netting Lin tens of millions of dollars. However, justice caught up with him.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/research-report/q1-2024-crypto-hack-overview-trends-losses-and-recovery-efforts/">Crypto Hack Report Q1 2024: Trends, Losses, and Recovery Efforts</a></p> 
<h2 class="wp-block-heading" id="h-all-in-all">All in all</h2> 
<p>This week’s crypto roundup has been a whirlwind tour of the challenges the market faces ever too often. From North Korean laundering schemes to audacious hacks and black market takedowns, it’s a reminder that the crypto world is still very much under construction. </p> 
<p>But amidst the growing pains, there’s a sense of resilience. Hackers are met with swift action, stolen funds are recovered, and vulnerabilities are patched. </p> 
<p>The future of crypto is uncertain, but one thing’s for sure: it’s never dull. </p>

Crypto Weekly Report: Exposing Hacks, Heists, & Takedowns

Table of Contents

CoinPedia News

Other articles published on May 25, 2024

BlockDAG's Dev Release 37: Scalability and Security on Top, Presale Surpasses $32.4M

The Spot Bitcoin ETFs have been recording uninterrupted success for nine days

Spot ETFs and Beyond: Why Ethereum is the Next Big Thing for Institutions

LeCun Criticizes OpenAI’s Equity Policies

Suspected Insider Whale Bought More Than Half Of This Altcoin’s Total Supply

Fake Satoshi Nakamoto Defeated – Bitcoin Whitepaper is Back on the Website

Join our free newsletter for daily crypto updates!