January Sees Significant Losses In Exploits: $41 Million Reported

The cryptocurrency world faced a tumultuous January, marked by significant losses totaling $41 million due to various exploits and security breaches.

While this figure represents a staggering 67% decline from December 2023, it marks a stark increase of 180% compared to January 2023.

One of the most notable incidents occurred when 600 million GMEE tokens, valued at $16.3 million, were stolen during the GAMEE token breach on the Polygon network. Additionally, a phishing scheme targeted users of Ethereum and Binance Smart Chain, resulting in losses amounting to $12.9 million.

Throughout the month, six significant hacks were reported, each with its own set of repercussions and responses. 

Abracadabra, for instance, incurred a loss of $6.5 million due to an exploit involving borrow logic. To mitigate the impact, they reduced borrowing limitations for affected cauldrons to zero and reached out to the attacker to request the return of the funds.

More Security Breaches That Resulted In Notable Losses

ConcentricFi faced a $1.72 million loss stemming from a compromised private key belonging to a team member. Efforts are currently underway to address the situation and reimburse affected users.

Bungee encountered a token approval attack affecting 56 users, resulting in a $3.3 million loss. Fortunately, all affected users received full refunds.

WiseLending lost $464k due to an attempt to round donations, while a glitch in Gamma Vaults led GammaStrategies to lose $6.18 million. They temporarily halted deposits into their vaults and enlisted the help of @OpenZeppelin for further assessment.

Lastly, Radiant Capital reported a $4.5 million loss following a flashloan exploit on their USDC market on Arbitrum.

These incidents underscore the ongoing challenges and risks associated with the cryptocurrency landscape, highlighting the importance of robust security measures and proactive responses to safeguard users’ funds and assets.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: serezniy/123RF// Image Effects by Colorcinch

Via: https://themerkle.com

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