2024

Billion

WazirX

The post <a href="https://coinpedia.org/news/record-breaking-crypto-heist-over-1-billion-stolen-in-2024/" rel="noopener noreferrer nofollow">Record-Breaking Crypto Heist: Over $1 Billion Stolen in 2024</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Losses from hacks and breaches have surpassed $1.19 billion for the year 2024 and more specifically $269.4 million&nbsp; was wiped out in the month of July alone. July’s main victims are the centralized exchanges, as $235 million <a href="https://coinpedia.org/news/whos-behind-the-wazirx-hack-the-mastermind-revealed" target="_blank" rel="noopener noreferrer nofollow">WazirX</a> has become the prime victim of hacking. DeFi frauds remain less of a problem than CeFi enumerations, with Ethereum and <a href="https://coinpedia.org/beginners-guide/binance-smart-chain-bsc/" target="_blank" rel="noopener noreferrer nofollow">BNB Chain</a> platforms being the most common victims.
<h2 class="wp-block-heading" id="h-a-year-of-cyber-attacks">A year of cyber attacks</h2>
The crypto market has experienced almost unimaginable loss in 2024, more than $1. 19 billion lost through 149 hacks and scams, a new report by <a href="https://immunefi.com/research/" target="_blank" rel="noopener noreferrer nofollow">Immunefi </a>shows. This represents a 16. 3% up than the similar period in the year 2023; whereby it stood at $1. 02 billion in losses.
<h2 class="wp-block-heading" id="h-july-s-catastrophe">July’s catastrophe</h2>
July turned out to be one of the most destructive months with $269.4 shed with&nbsp; 14 incidents. This figure is 90 per cent up from June and marks the second biggest monthly loss in 2024 excluding May which recorded a $358 million loss. The largest attack was <a href="https://coinpedia.org/news/breaking-indian-crypto-exchange-wazirx-hacked-for-235m-are-your-funds-safu/" target="_blank" rel="noopener noreferrer nofollow">$235 million stolen from a centralized Indian crypto</a> exchange <a href="https://app.coinpedia.org/company/wazirxindia" target="_blank" class="profile-details" rel="noopener noreferrer nofollow">wazirx</a> <img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10122626/info_icon.svg" alt="information" class="info-icons"> <a href="https://app.coinpedia.org/company/wazirxindia" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190601/link.svg" alt="link"></a> <a href="http://www.wazirx.com/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" src="https://image.coinpedia.org/app_uploads/profile/1658301823523ewx7atj6re.png" class="company_logo_img" alt="profile company logo" title="profile company logo"></a> wazirx Centralised ExchangeCrypto trading and Information <a href="http://www.wazirx.com/" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10161442/globe.svg" alt="globe icon" title="globe icon"></a> , North Korean hackers believed to be involved in the attack. These losses were concentrated on this incident alone, contributing 87 per cent of all the losses recorded in July.
<h2 class="wp-block-heading" id="h-centralized-vs-decentralized-finance">Centralized vs. Decentralized Finance</h2>
Without a doubt, CeFi projects are the most affected, with $636 million (53. 4%) lost in only six attacks. Secondly, The decentralised finance (DeFi) platforms stood at $554 million (46. 6%) from 143 incidents of loss.&nbsp;
Based on July’s performance, hacks were to blame, and they accounted for 98 per cent of the reported losses of $266.4 million and only $3 million generated by fraud, scams, and rug pulls.
<h2 class="wp-block-heading" id="h-network-vulnerabilities">Network vulnerabilities</h2>
Ethereum and BNB Chain remain the most popular among hackers’ targets, and they account for 71.4% of the total on-chain losses in 2024. Ethereum went through 7 attacks, which means 50% of all attacks targeted the chain; BNB Chain became the second on the list with three attacks totalling 21.4%. Scroll Network acknowledged one case while Base Network also had one contract breach.
<h2 class="wp-block-heading" id="h-the-aftermath-and-response">The aftermath and response</h2>
The consequences of these cases have been grave especially for WazirX, as mentioned in the preceding section. One of the most discussed ideas proposed by the exchange, the so-called “socialized loss” recovery plan is an idea to spread the financial result among all users and has been met with criticism from the representatives. Nevertheless, <a href="https://coinpedia.org/news/230m-hack-crisis-wazirx-asks-binance-for-lifeline-amid-recovery-plan-dispute" target="_blank" rel="noopener noreferrer nofollow">WazirX </a>has gone to its heights to recover the stolen funds and tie will tell if they will be successful in their efforts.
Read Also : <a href="https://coinpedia.org/news/alert-casper-network-became-victim-to-a-crypto-hack/" target="_blank" rel="noopener noreferrer nofollow">Alert : Casper Network Became Victim to a Crypto Hack!</a>

Record-Breaking Crypto Heist: Over $1 Billion Stolen in 2024

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