This Week's Crypto Security Breach Cost $8.8M - Report Says

BBC

Hey folks.

Huge losses have been recorded in crypto security incidents in recent days. According to SlowMist, which is a well-known blockchain security platform, the entire week experienced various security incidents in which the targeted entities lost more than $8.8 million. In an official post on X, the security platform gives the details of these events.

The security firm in its latest post showed its "weekly security report" ranging from between the 3rd and 9th of June. During the days, according to the firm, during these days 5 exploits took place and these exploits resulted in notable losses. In the case of Loopring, the exploit was made possible via a platform security flaw.

The attacker used that weakness to target the Loopring Smart Wallets and steal the hard-earned money from the investors. In this regard, the platform's assets were pilfered by the exploiter for up to $5 million.

Conversely, the second occurrence involved a rug pull incident. platform allegedly vanished after the investors' money was moved. The users lost a staggering sum of around $3.4 million in this regard.

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