$PENGU $MLN $THETA Biggest Crypto Hacks of 2024: WazirX, Radiant Capital, and DMM Bitcoin
The year’s biggest incidents have highlighted the vulnerabilities in the crypto ecosystem. In July, Indian crypto exchange WazirX suffered a major hack, losing around $234.9 million. Attackers exploited vulnerabilities in the exchange’s multisig wallets, gaining unauthorized access to funds.
Radiant Capital, a well-known blockchain lender, also suffered this year. In October, the platform lost over $50 million due to an attack across multiple blockchains.
Hackers reportedly gained access to three private keys of the platform, allowing them to withdraw assets from Arbitrum, Binance Smart Chain, Base, and Ethereum. The attack is attributed to North Korean hackers, who are increasingly targeting the crypto sector using sophisticated tactics.
The Japanese cryptocurrency exchange DMM Bitcoin also faced a serious incident in 2024. In May, the platform lost approximately 4,502.9 BTC worth $320 million at the time of the hack. Despite efforts to recover the stolen assets, DMM Bitcoin announced its closure in December.
"We can confidently state that major attacks like the $235 million hack of WazirX and the $50 million hack of Radiant Capital could have been avoided, and 100% of the funds could have been saved if companies had used proactive threat monitoring solutions," Cyvers told BeInCrypto.
The sharp rise in malicious activity this year highlights the need for enhanced protection in the cryptocurrency ecosystem. Platforms without real-time monitoring and preventive security tools remain highly vulnerable to hacks, jeopardizing users' funds.
The industry must focus on implementing advanced security measures and strengthening collaboration among participants to effectively counter ongoing threats.
"Zero-day attacks are unpredictable and not tied to any previously known practices. Without real-time monitoring and detection mechanisms, as well as preventive tools, crypto platforms cannot withstand such attacks or prevent them," experts from Cyvers noted.