Here is how we lost almost $50,000,000 in January 2024, almost $50 million was stolen from web3 platforms as the crypto world battles with hackers and scammers.
Quantstamp, a startup focused on making defi (decentralized finance) more secure, highlighted five cases where bad actors exploited vulnerabilities in smart contracts, resulting in significant losses.
These attacks, which involved various tactics like smart contract hacks, compromised keys, and scams, added up to a total loss of $38.9 million.
⚠️Gamma Strategies:In just four days into the year, Gamma Strategies fell victim to a flash loan attack, allowing hackers to drain $6.1 million from their vaults. Gamma quickly addressed the issue by halting deposits, closing the loophole and preventing further risk.
⚠️Radiant Capital:On January 3, Radiant Capital lost $4.5 million due to an exploit in an empty market. The issue was related to new markets being activated on lending protocols. Radiant temporarily paused its USDC pool to fix the problem, assuring users that their funds were not exposed.
⚠️Socket: On January 16, Socket faced a breach through a vulnerability in user verification input. This allowed hackers to steal almost 2,000 ETH, valued at over $4 million. Fortunately, Socket recovered a portion of the funds and reimbursed affected users, aiming to make everyone whole.
⚠️Goledo Finance:Similar to Gamma's attack, Goledo Finance experienced a flash loan attack resulting in a $1.7 million loss. Negotiations with the attacker were ongoing, and Goledo was working on a recovery plan. The hacker's accounts on centralized exchanges were frozen, and local law enforcement was informed.
⚠️Wise Lending:On January 12, Wise Lending suffered a flash loan attack, losing at least $460,000. The attacker manipulated the price oracle used by Wise Lending. This was the second attack on the protocol within six months.
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