2024 - The Increase in Crypto Hacks

Reuters

Hey folks.

Hackers and exploiters of cryptocurrency may be in position for a better year in 2024—perhaps even exceeding their accomplishments in 2023.

Digital assets worth at $542.7 million were stolen by hackers in the first quarter of 2024 which is a 42% increase compared to the same period in the year 2023.

According to the co-founder and CEO of crypto risk and intelligence platform Merkle Science Mriganka Pattnaik, the primary reason for this is the hackers try to find an easy target and are continually shifting their attack vectors.

In Phishing attack, hackers try to steal sensitive information like private keys of crypto wallets. A different kind of phishing attempt called an address poisoning scam tries to fool investors into voluntarily sending money to a phony address that appears to be the same as addresses they have dealt with in the past.

A trader lost $71 million worth of crypto in May which was the most high-profile phishing attack for the year. The trader was tricked to send 99% of their funds to the address of the attacker.

However, in an odd turn of events, after the incident caught the attention of blockchain investigative businesses and the attacker's location was eventually determined, the unidentified thief gave the victim back the $71 million more than a week later.

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