Why Multi-Factor Authentication Is Crucial in 2024 | Airdrop Alert Pro

The cryptocurrency industry has never seen cybersecurity threats like this, and a series of recent attacks have exposed various concerns about digital asset brokerage platforms. This week’s report offers several different attacks to draw more attention to the threats that remain in the encryption space and the dynamic nature of cybersecurity.

DMM Bitcoin’s Collapse: A $320 Million Disaster

The biggest case is DMM Bitcoin, A major Japanese cryptocurrency exchange faced a serious security breach in May 2024. The attack resulted in the loss of 4,500 Bitcoins worth approximately $320 million and caused the exchange to shut down in October. After a serious cyber attack, it received an improvement order from the Japan Financial Services Agency and attempted to make up for the 55 billion yen losses of parent company DMM.com.

As a pure strategy, DMM Bitcoin has begun preparations to transfer remaining assets to SBI VC Trade by March 2025, subject to various restrictions on existing margin trading positions and fees.

Another noteworthy security incident occurred on December 2, when Philippine cryptocurrency exchange Coins.ph acquired Twitter account hacked Through so-called targeted social media attacks. Cybercriminals exploited the platform to promote fake $COINSPH tokens and used advanced social engineering techniques to lure users.

Long story short, these hackers exploited Solana Network The extremely low fees per transaction and the short processing time of each transaction allow them to develop an attractive and fraudulent marketing story, similar to a multi-level marketing plan.

Fortunately, Coins.ph acted quickly and news of the hack was retracted within a few hours.

Escalating threats: multiple small platform breaches

There have been other small-scale attacks this week, but threats in the crypto world continue to grow. For example, the Arata ecosystem recently suffered an attack in which its CEX wallet lost a large number of tokens to the attackers.

Secondly, due to the leak of private keys, DeBox lost $275,000, including 31.03 ETH and 4,879,000 BOX tokens. The most concerning is Clipper DEX, where an API flaw put $6.5 million at risk. Confirmed The amount of damage was US$500,000. Users are strongly advised to withdraw their funds immediately.

By drawing insights from these incidents, more than one method can be exploited to exploit the interface, including lost keys, social engineering, and weaknesses in the API. Some ways to protect yourself include practicing Multi-factor authenticationconstantly vigilant about the verification of all communications and use of hardware wallets, and keeping an eye on the latest security risks.