Over the course of 2023, crypto users lost $1.8 billion in various hacks, exploits, scams and rug pulls, bug bounty platform Immunefi said in a report published on Thursday. While that's a 54% decrease from the $3.9 billion the industry lost in 2022, the number of single incidents increased 90% from 168 in 2022 to 319 in 2023.
The third quarter of the year proved to be the most disastrous, accounting for a third of all losses registered during the year. In terms of monthly numbers, the highest losses were seen in November ($343 million), September ($340 million) and July ($320 million).
A total of ​​$1.6 billion was lost as a result of hacks in 247 incidents mostly connected to decentralized finance platforms, while fraud accounted for $103 million lost in 110 incidents, according to the report.
Immunefi said that 13.5% of the stolen funds, or around $231.7 million, had been recovered in 19 cases.
Most attacked blockchains
BNB Chain and Ethereum are consistently the most attacked blockchains, accounting for more than half of the total losses. According to Immunefi, 131 incidents involved BNB Chain-based projects, and 91 incidents were seen on Ethereum. They were followed by Polygon with ten incidents, and Avalanche with six.
North Korea's Lazarus Group got away with $308.6 million of funds stolen from various projects in 2023, which is 17.4% of the total losses seen during the year. The group is believed to be behind the attacks on Atomic Wallet, CoinEx, Alphapo, Stake and CoinsPaid.
Other notable incidents in 2023 included attacks on Mixin Network ($200 million), Euler Finance ($197 million), Multichain ($126 million), Poloniex ($126 million), and BonqDAO ($120 million), Immunefi said.
#Scams #hacks

The year 2024 has been marked by unprecedented events that have reverberated across multiple sectors, particularly in the realms of #cryptocurrency , economics, and politics. As we navigate through this year, let’s take a look at some significant occurrences that have defined the landscape:
Major Events of 2024
Cryptocurrency Exchange Bankruptcies:Several high-profile cryptocurrency #exchanges , including some in India and Malaysia, have declared bankruptcy, leaving investors in the lurch.These collapses have led to a significant loss of trust in centralized exchanges.#hacks and Security Breaches:Multiple exchanges have experienced hacks, resulting in millions of dollars being stolen from unsuspecting users.The aftermath of these incidents has raised concerns about security measures and the overall integrity of digital asset platforms.Burning of Old Digital Currencies:Many legacy cryptocurrencies are engaging in token burn mechanisms to reduce supply and stabilize prices.This trend has sparked debates on sustainability and the long-term viability of certain coins.

$XRP 's Resurgence:#XRP has emerged as a frontrunner in the crypto market, driven by legal victories and increased adoption.Its narrative has shifted from a legal battleground to a potential market leader, influencing investor sentiment.Global Economic Challenges:The world is grappling with economic downturns, inflation, and rising interest rates, affecting markets and consumer confidence.Countries are facing mounting pressures to find effective solutions to these financial woes.U.S. National Debt Crisis:The United States is navigating a staggering national debt of $33 trillion, prompting discussions about fiscal responsibility and potential reforms.Solutions are being debated in Congress, but consensus remains elusive.2024 U.S. Presidential Election:The political arena is heating up as Donald Trump and Kamala Harris position themselves as the leading candidates.Their contrasting visions for America are shaping campaign strategies and voter mobilization efforts.Elon Musk's Influence:Elon Musk continues to make headlines with his ventures, including advancements in AI and space exploration.His impact on technology and popular culture remains profound, influencing market trends and public discourse.
Major Events of 2024 by Month
January
FTX and Voyager's Bankruptcy Proceedings: Continued fallout from the 2022 collapses.Launch of CBDCs: Several countries, including China and the EU, expanded their Central Bank Digital Currency initiatives.Bitcoin Price Rally: Bitcoin saw a 15% increase, sparking renewed interest in crypto.
February
Crypto Exchange Hack in Malaysia: A major exchange suffered a breach, resulting in millions lost.SEC vs. Crypto Companies: The U.S. SEC increased scrutiny on various crypto platforms.Ethereum Upgrade: The transition to Ethereum 2.0 gained traction with successful testnets.
March
Market Correction: A significant pullback in crypto prices led to panic selling.XRP Legal Victory: Ripple won a court case, boosting XRP's market position.Coinbase Layoffs: Coinbase announced layoffs amid declining trading volumes.
April
New Regulatory Frameworks: The EU proposed new regulations for cryptocurrency exchanges.Launch of NFT Marketplaces: Several platforms launched, aiming to capture the growing NFT market.Stablecoin Regulations: Discussions around stablecoin regulation intensified.
May
Hack of Indian Exchange: An Indian crypto exchange was hacked, causing significant investor losses.Bitcoin Mining Crackdown: China resumed its crackdown on Bitcoin mining operations.Elon Musk's Twitter Influence: Musk's tweets drove sudden price movements in Dogecoin.
June
Summer Market Slump: Crypto markets experienced a significant downturn.NFT Market Decline: Reports showed a sharp decline in NFT sales.Crypto Tax Guidelines: Various countries released updated tax guidelines for crypto traders.
July
Binance Regulatory Issues: Binance faced increased scrutiny from regulators in multiple countries.Introduction of Layer 2 Solutions: Several blockchain projects introduced Layer 2 scaling solutions.Launch of New Altcoins: Many new altcoins were launched amid a recovering market sentiment.
August
Return of Crypto Bull Run: Bitcoin and Ethereum prices began to rise again.Partnerships with Traditional Finance: Crypto platforms partnered with banks to facilitate fiat transactions.Major Hack on Global Exchange: A well-known global exchange experienced a breach, leading to heavy losses.
September
XRP Market Leadership: XRP continued to climb, solidifying its position in the top 5 cryptocurrencies.U.S. National Debt Concerns: Ongoing discussions about the implications of the $33 trillion national debt.Elon Musk's New Ventures: Announced plans for new space exploration projects.
October
Crypto Market Regulation Announcements: Major announcements from regulators about upcoming policies.Adoption of Blockchain Technology: Businesses began exploring blockchain for supply chain solutions.Market Volatility: Prices fluctuated significantly as traders reacted to regulatory news.
November
U.S. Elections and Market Impact: Market sentiment shifted based on election results.Adoption of Crypto by Retailers: More retailers began accepting cryptocurrencies as payment.Major Exchange Acquisitions: Acquisitions of smaller exchanges by larger players were announced.
December
Year-End Market Review: Analysts reported on the highs and lows of the crypto market in 2024.Forecast for 2025: Predictions for market trends and regulatory changes in the coming year.Final Crypto Hack of the Year: A last-minute hack on a prominent exchange highlighted ongoing security issues.
2024 Short Review:
The events of 2024 have shaped a turbulent landscape for the cryptocurrency market, reflecting a mix of regulatory developments, market volatility, and technological advancements. As the year concludes, the implications of these occurrences will likely influence strategies and policies in the years to come.
Analysis of the Current Landscape
The events of 2024 have highlighted the volatility and unpredictability of both financial and political spheres. The catastrophic failures of cryptocurrency exchanges serve as a stark reminder of the inherent risks involved in the digital asset space. As millions of dollars vanish due to hacks, investors are forced to reconsider their trust in these platforms and the future of cryptocurrency as a whole.
In parallel, the resurgence of XRP showcases how legal clarity can dramatically shift market dynamics. The coin’s journey from litigation to potential market dominance reflects broader trends in the crypto ecosystem, where regulatory clarity is increasingly sought by investors.
Meanwhile, global economic challenges are adding layers of complexity to the situation. Inflation and rising interest rates have placed pressure on consumer spending and investment, forcing countries to reevaluate their economic policies. In the U.S., the staggering national debt poses questions about fiscal sustainability and future growth.
The upcoming presidential election adds yet another layer of uncertainty. With candidates like Donald Trump and Kamala Harris vying for the highest office, their platforms will not only shape the political landscape but also have significant implications for economic policy and international relations.
As we observe the actions of influential figures like Elon Musk, it becomes clear that innovation and disruption will continue to play a crucial role in shaping the future. His endeavors in AI and space exploration signify a push towards a new technological era, even amidst economic turmoil.
In Nutshell
The events of 2024 encapsulate a pivotal moment in history, characterized by significant setbacks and transformative changes. The interplay between cryptocurrency turmoil, economic challenges, and political shifts will continue to influence global dynamics in the months to come. As we move forward, it is essential for investors, policymakers, and citizens to remain vigilant and adaptive in the face of these rapid changes.

The Cardano Foundation joins a long list of entities falling victim to X account hacks, including the Securities and Exchange Commission.

The Cardano Foundation's X account was compromised on December 8 by a threat actor promoting a fake "ADAsol" token and claiming that the Cardano Foundation would halt support for Cardano's native token, ADA ADA $1.18 due to a lawsuit from the Securities and Exchange Commission (SEC).
Cardano founder Charles Hoskinson confirmed the hack in a social media post, but not before the fraudulent ADAsol token generated approximately $500,000 in trading volume and rapidly crashed by 99%.
Both the ADAsol scam post and the subsequent notice of an impending lawsuit from the SEC have been removed at the time of this writing.
The Cardano Foundation is working to fix the compromised account, and no other parts of the Cardano ecosystem have been affected by the hack. Despite this, users should exercise caution and not click on any links from the Cardano Foundation X account until further notice.

Related: Cardano price gains 88% — Is the ADA rally just getting started?
X account hacks are all too common
The Cardano Foundation is far from the only entity to experience threat actors compromising social media pages and posting fraudulent links.
In Dec. 2023, Compound Finance's X account was hacked. The malicious actor used the social media page to post phishing links to a site that looked nearly identical to the protocol's website and advertised fraudulent COMP tokens. Clicking on any of the links would drain crypto from unsuspecting users.
Symbiotic — a restaking protocol — experienced an X account hack in Oct 2024. The hacker posted a checklist claiming to give users points for interacting with the post — similar to Airdrop checklists. The links led to a phishing site that would steal legitimate Symbiotic tokens from wallets.
Popular restaking protocol Eigenlayer's X account was compromised in Oct 2024. The threat actor used the account to promote a fake airdrop campaign.
The founder of the Truth Terminal AI account was also hacked on Oct. 29. The hacker took control of the account to market a fraudulent memecoin.
More recently, in November 2024, rapper Wiz Khalifa's X account was hacked to shill a fake celebrity memecoin called WIZ. The token was presented to users as a legitimate memecoin from the musical artist but was not affiliated with Khalifa in any way.
#Blockchain #Cybercrime #Cybersecurity #socialmedia #Hacks