A $238M Bitcoin theft occurred, with suspicions around North Korea's Lazarus Group, but ZachXBT dismissed involvement.
Crypto hacks in 2024 have surged by 293% compared to 2023, totaling over $1.5B in losses, with DeFi protocols as primary targets.
The Bitcoin theft adds to a series of major 2024 crypto breaches, including WazirX, Ronin Network, and Nexera, affecting multiple blockchains.
In a shocking development, a massive crypto hack today resulted in the theft of $238 million of Bitcoin. The incident has caused a stir in the world of cryptocurrencies, bringing up important questions regarding the safety of virtual assets.
ZachXBT, a well-known crypto investigator, first revealed the information about the suspicious transaction on X. 4,064 Bitcoin worth of stolen money was swiftly moved among several platforms, including ChangeNow, Avalanche Bridge, eXch, ThorChain, and KuCoin.
https://twitter.com/zachxbt/status/1825499490956231021 Speculation Around Lazarus Group's Involvement
After the theft was made public, the cryptocurrency community started speculating about the potential involvement of the infamous Lazarus Group, a North Korean cybercrime group with a track record of high-profile cryptocurrency hacks.
However, ZachXBT swiftly disregarded this theory, claiming that the behavior seen in this instance was not typical of the Lazarus Group. Nevertheless, the event has rekindled worries about the crypto industry's weaknesses, especially about the capacity of skilled hackers to plan such massive thefts.
2024 Crypto Hacks
Notably, the most recent hack is part of a wider pattern seen in 2024 as an increase in cyberattacks against the cryptocurrency industry. Peck Shield Alert data indicates that losses from cryptocurrency scams and hacks this year have already topped $1.5 billion. Comparing this to the same period in 2023, when total losses were $480 million, shows a startling 293% increase.
Hackers have primarily targeted decentralized finance (DeFi) protocols, which account for 59% of the total value stolen. Over 20 public blockchains have been impacted by the more than 200 incidents that have been reported.
XRP, Bitcoin, Ethereum, and other cryptocurrencies have been severely hit. Furthermore, with each blockchain accounting for 31.3% of all hacks, Ethereum and the BNB Chain were the most frequently targeted blockchains. The crypto community is calling for more regulatory oversight and robust security measures due to the size and frequency of these attacks.
Broader Implications for the Crypto Industry
Notably, this most recent Bitcoin theft is not an isolated instance. The Ronin Network and Nexera hacks, which resulted in the theft of $12 million and $3 million, respectively, are two more notable cryptocurrency hacks in 2024.
Nonetheless, Nexera retrieved most of the pilfered assets, and the money lost in the Ronin Bridge attack was fully recovered, which was a rare but fortunate development. Even though these recoveries have occurred, the industry urgently needs stronger security measures due to the larger trend of rising cybercrime in the cryptocurrency space.
Significant hacking occurred in July 2024 at the well-known cryptocurrency exchange WazirX, which cost $230 million in lost assets. Numerous cryptocurrencies, including Ethereum, Shiba Inu, Pepe Coin, and Polygon, were involved in the incident.
After a forensic investigation, Mandiant Solutions, a Google subsidiary, determined that the breach was most likely caused by problems with Liminal, WazirX's previous infrastructure and custody partner. But Liminal refuted these allegations, casting further doubt on WazirX's security measures.
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