Crypto losses from hacks and scams surged in Q2 2024, with centralized exchanges like DMM and BtcTurk hit hardest. Ethereum and BNB Smart Chain remain prime targets for attackers.
Key Insights
Crypto losses from hacks and scams nearly doubled in Q2 2024 compared to the same period in 2023.Centralized exchanges, previously considered relatively safe in 2023 and early 2024, were the main targets in the last quarter, accounting for over 70% of stolen funds.Hacks on DMM and BtcTurk exchanges made up over 60% of all losses in Q2.Ethereum and BNB Smart Chain were the most targeted by attackers.

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Cybertrace CEO Dan Halpin suggests that the crypto scammers are probably skilled in sales and marketing, given the “convincing” nature of the ruse.

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Cybersecurity company Cybertrace issued a cautionary alert about a “convincing” deep fake video featuring Australian mining tycoon Andrew “Twiggy” Forrest. In the video, Forrest is seen endorsing a fraudulent crypto trading platform on social media.

Fraudulent Deep Fake Video on Facebook
A deep fake video appeared on Facebook, luring users to join a fake platform promising hefty daily earnings for “regular people.” Victims are redirected to a website named “Quantum AI,” associated with scams and financial fraud, as reported by Cybertrace.
Cybertrace’s CEO, Dan Halpin, expressed worry, noting the convincing nature of the deepfake and suggesting the scammers possess sales expertise. He pointed out the video’s lengthy and repetitive content, indicating skill in sales and marketing techniques.

The fake video alters Andrew “Twiggy” Forrest’s behavior and body language from a previous “fireside chat” in October, organized by Rhodes Trust. Detected by Cybertrace on Jan. 27, the manipulated version of Forrest promotes bogus crypto trading software on Facebook.
In the modified video, Forrest invites viewers to partner with him in “the world’s smartest stock and cryptocurrency trading software,” claiming consistent daily profits ranging from $700 to $2,200 over nine months.

Deep Fake Scam Concerns Rise
Andrew “Twiggy” Forrest, a former CEO of Fortescue Metals Group, is one of Australia’s most successful entrepreneurs, with a net worth of $29.4 billion, according to Bloomberg. In a scam video, Forrest urgently encourages viewers to join a platform, raising alarms from Cybertrace amid a surge in deep fake fraud.
The proliferation of deep fakes has grabbed the attention of United States lawmakers, sparked by fake photos of Taylor Swift. U.S. Representative Joe Morelle aims to make the production of deep fake images illegal.
Cybertrace notes that other prominent Australian figures like Gina Rinehart, Dick Smith, and Allison Langdon have also been targeted by scammers creating deep fake videos.
This trend emerges as Australians reported over $2 billion (3.1 billion Australian dollars) in losses to scams in 2022, according to the country’s consumer regulator. Additionally, scams involving cryptocurrency payments totaled $148.3 million (221.3 million Australian dollars) in 2022, marking a 162.4% increase from 2021.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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Announces Strategic Partnership

The agreement between ALTA and Vibranium represents to fortify and shield all blockchain network. Recognizing the criticality of blockchain network security, we unite our forces, empowering industries across the board to combat cyber threats and forge a future where safety and resilience prevail.

About Vibranium:

Vibranium Audits is a trusted cyber attack protection company that offers comprehensive services to protect businesses and individuals against potential cyber threats. With the increasing frequency and complexity of cyber attacks, it is essential to have the right defense mechanisms in place. Vibranium Audits provides expert penetration testing, vulnerability assessments, and proof of reserves services to ensure the protection of critical assets and sensitive information. With Vibranium Audits, you can be assured that your security is always a top priority.

Mandeep Singh, CEO at Vibranium: “Through this partnership, we aim to empower blockchain startups by offering them discounted access to our top-notch auditing services. Together with ALTA, we will equip these projects with the tools and confidence they need to succeed in the competitive blockchain landscape. ”

Serhii Viatkin, CCO at ALTA: " Our company's strategy and Vibranium Audit are very similar. Now together we will strive for a more secure blockchain industry. The digital hygiene of the founders is very important because it all affects the reputation and uniqueness of blockchain technology."

About ALTA:

ALTA is a blockchain accelerator and consultancy that is committed to driving the mass adoption of distributed ledger technology (DLT) and blockchain solutions. The company offers a broad range of services to selected startups, including mentorship, due diligence, effective marketing, outreach strategies, and connections to funds, investors, and launchpads.

ALTA's key connections with venture capital funds and investors provide full access to a network of industry experts, advisors, and mentors who can assist startups in growing and scaling their businesses. Through ALTA's scaling and localization efforts, projects can increase their visibility and improve their chances of climbing the top 100 rankings on CoinMarketCap or gaining global recognition.

Yurii Chernikov, Head of Quality Assurance at ALTA: "Embracing the significance of cyber security, we join forces with Vibranium in a strategic partnership that places our customers' protection at the forefront. Together, we build a robust shield against cyber attacks, ensuring the safety of our valued clients and fostering a steadfast commitment to their security." 

Ral Andrew, CTO at Vibranium: “Our partnership with ALTA enables us to extend our cutting-edge auditing services to a broader range of blockchain projects. By working together, we are committed to driving the mass adoption of distributed ledger technology and ensuring the utmost security and integrity within the ecosystem.”