Crypto News- In the latest SlowMist Weekly Security Report spanning April 28 to May 4, 2024, the crypto sphere saw a glimmer of hope as overall losses dropped. However, this respite was short-lived, with $71.39 million still vanishing due to security breaches, leaving investors on edge.
April 2024 Crypto Security Report: Hacks Dwindle by Over 65%
The spotlight fell on a crypto whale’s misfortune, shedding 1,155 WBTC worth a staggering $70 million. What’s baffling is that this colossal loss stemmed not from a sophisticated cyberattack, but from a mundane oversight easily preventable with a whitelist.
Last week’s woes extended beyond whales, with allegations swirling around NOVAMIND (NMD) regarding a $123,000 rug pull, while Pike Finance hemorrhaged $1.68 million due to exploitable contract flaws.
Security Sagas: Bitfinex Denies Breach, Dune Analytics Fooled by Twitter Scam
Bitfinex was forced to quash rumors of a data breach affecting 400,000 users, reassuring the community of their fortress-like security measures. However, Dune Analytics found itself briefly hoodwinked by a compromised Twitter account, leading to false airdrop promises.
Yield Protocol’s Arbitrum contract fell victim to exploitation, siphoning $181,000, while Ember Sword NFT auction suffered a breach, bleeding $195,000.
Despite PeckShield’s report heralding a 67% drop in losses to $60.2 million, HedgeyFinance bore the brunt, losing $47.35 million, with stolen funds laundered via Tornado Cash. FixedFloat and GrandBase weren’t spared either, facing losses of $3 million and $2.67 million, respectively.
ZestProtocol and XBridge joined the ranks of the wounded, each losing around $1 million, while ZKasino orchestrated a $32 million rug pull, and PacFinance faced $24 million in liquidations.
While the decline in hacks offers a glimmer of optimism, the magnitude of remaining losses underscores the relentless evolution of cyber threats in the crypto realm. Investors must maintain unwavering vigilance, verifying transactions, scrutinizing airdrops, and embracing robust security measures to weather this storm.
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