How Hacks and Fraud Shaped This Week in Crypto
The cryptocurrency market remains at risk of hacking, fraud, and huge losses. This week’s hacking reports revealed security vulnerabilities across many platforms. The issues have also raised concerns about industry rules and safety.
Dexx hack affects over 8,620 Solana wallets
DEXX trading platform is designed for meme currency trading, hacked November 16th. The attack, which occurred due to the leak of private keys, stole over 8,620 Solana wallets and stole $30 million. In the same case, at least 900 users were affected, with one losing more than $1 million.
However, the platform has taken mitigating measures, such as tracking hackers’ wallets and negotiating the return of funds, but the results are often unpredictable.
Pump Science wallet hacked: developer negligence led to token fraud
Pump Science, a decentralized science (DeSci) platform based on Solana, shared information Regarding the leak, the incident was caused by the reckless behavior of one of the developers. Attackers used leaked private keys to voluntarily mint fake URO and RIF tokens into the system. Fake tokens flow into the market, erasing the reputation and trust of projects.
Pump Science has since explained that any coins generated by the wallet since it was compromised are fake. The team also warned users to stay away from fake accounts while working to contain the damage done so far.
MrBeast Accused of Cryptocurrency Manipulation and Insider Trading
Famous YouTuber MrBeast (Jimmy Donaldson) thing He attracted 31.2 million subscribers by using forums to promote pump and dump schemes. Researchers allege that he used his position to manipulate the price of the token, thereby gaining control over the token, thereby inflating the price and dumping the token for a $23 million profit.
Key items related to these charges include: $SUPER: $11.45 million, $ERN: $4.65 million, $PMON: $1.72 million, $STAK: $1.31 million, and $AIOZ: $1 million
This has once again caused many people to think about ethical practices in cryptocurrency marketing.
Cryptocurrency losses in November: Defi takes $71M hit
analyst ImmunoFIThere were 26 hacking and fraud cases in November, resulting in $71 million in losses. This is a 79% decrease from the record in November 2023, when $343 million was drained from the account. However, challenges remain, especially for DeFi platforms, which accounted for 100% of incidents and losses, with 24 hacks resulting in $70.99 million in losses and 2 carpet pulls resulting in $25,300 in losses
Significant events include: Thala Labs: $25.5 million and DEXX: $21 million
this BNB chain It is the most attacked blockchain, suffering a total of 14 attacks, with a total loss of 46.7%; Ethereum lost 30%.
Conclusion: Creating a more secure crypto space
This week’s events demonstrate the need to pay attention to security breaches and other misconduct occurring in the crypto industry. Although the total amount of losses has declined compared with last year, cases such as DEXX and Pump Science clearly demonstrate the importance of hard technical security measures.
Likewise, MrBeast’s case suggests that the FCA should pay more attention to financial promotions by influencers.
Looking ahead to the final quarter of 2024, the keys to change and growth in the crypto community are trust, transparency, and security to make the ecosystem stronger in 2025.
