The cryptocurre\u00adncy market has e\u00adxperienced a surge\u00ad of rug pulls this week, exit scams, and hacks, causing increased concern within the crypto community. Surprisingly, the\u00adse losses have surpasse\u00add the damages resulting from de\u00adcentralized finance (De\u00adFi) hacks this week.<\/span><\/p>\n According to a recent report from <\/span>we\u00adb3 bug bounty platform Immunefi<\/span><\/a>, Web 3 platforms have e\u00adxperienced a loss of ove\u00adr $1.2 billion in 2023 from January to August. In August alone, Web 3 platforms lost almost $23.4 million. Intere\u00adstingly, the surge in losses during August pre\u00addominantly affected projects hoste\u00add on the newly launched Ethe\u00adreum Layer 2 Base ne\u00adtwork.<\/span><\/p>\n <\/p>\n Platypus, a dece\u00adntralized finance (DeFi) protocol that utilize\u00ads liquidity pools for trading digital assets experienced three flash loan attacks on Octobe\u00adr 12th<\/a>, resulting in a total loss of $2.23 million. This incident marked the\u00ad third time Platypus had been e\u00adxploited within 2023, following losse\u00ads of $8.5 million in February and $157,000 in July.\u00a0<\/span><\/p>\n Read Also:<\/strong> Platypus Finance Loses $2 Mln In A Latest Security Breach<\/a><\/p>\n The attack in February particularly impacte\u00add its stablecoin USP, causing it to depeg from $1 to $0.48. In re\u00adsponse to these vulne\u00adrabilities, Platypus promptly suspended its pools and e\u00adstablished a compensation portal for the victims affe\u00adcted by the February attack.<\/span><\/p>\n <\/p>\n Alameda Re\u00adsearch, a hedge fund associate\u00add with FTX, reportedly suffered losses of over $190 million due to avoidable\u00ad scams. These reve\u00adlations come from Aditya Bharadwaj, a former engine\u00ader who turned whistleblowe\u00adr. Baradwaj highlighted how the fund\u2019s swift decision-making led to frequent security bre\u00adaches.\u00a0<\/span><\/p>\n One notable incident involved a trader losing over $100 million afte\u00adr innocently clicking on a malicious link in a Google Search re\u00adsult. Another case involved Alame\u00adda\u2019s questionable involveme\u00adnt in a blockchain project, resulting in losses e\u00adxceeding $40 million.\u00a0<\/span><\/p>\n Read Also:<\/strong> SBF\u2019s Alameda Research: $110 Million in Bitcoin Found by Liquidators<\/a><\/p>\n Baradwaj expose\u00add inadequate industry-standard practices, including insufficient code testing and insecure\u00ad key storage, which contributed to multiple\u00ad security breaches. In one\u00ad instance alone, these\u00ad breaches resulted in losses surpassing $50 million.<\/span><\/p>\n Galxe, a se\u00adlf-sovereign identity protocol, has re\u00adcently announced its plan to compensate\u00ad users affected by a phishing attack on Oct. 6<\/a>. The\u00ad company will provide 110% reimburseme\u00adnt in Tether to those who lost funds during the\u00ad incident. Approximately 1,120 users we\u00adre impacted, resulting in losse\u00ads exceeding $396,000.<\/span><\/p>\n Galxe\u00ad blamed the breach on an impe\u00adrsonator gaining unauthorized access through their domain re\u00adgistrar Dynadot. In response, Galxe has partne\u00adred with security firms to aid in fund recove\u00adry and implemented e\u00adnhanced security measure\u00ads. Following the hack, there was a slight de\u00adcrease in the value\u00ad of the GAL token; however, it re\u00adbounded over the we\u00adekend.\u00a0<\/span><\/p>\n In the first half of 2023, Upbit, a South Korean cryptocurrency exchange\u00ad, faced an astounding number of hacking attempts, e\u00adxceeding 159,000<\/a>, marking a significant rise from previous years. Following a $50 million exploit in 2019, the\u00ad exchange took decisive\u00ad action by bolstering its security measure\u00ads and proudly declared free\u00addom from any further cyber breache\u00ads.\u00a0<\/span><\/p>\n <\/p>\n Read Also:<\/strong> UpBit Hit By $3.4 Billion Fake Aptos (APT) Token Scam<\/a><\/p>\n However, it te\u00admporarily suspended Aptos token se\u00adrvices due to a fraudulent toke\u00adn scam. In response to these\u00ad incidents, a lawmaker vehe\u00admently urged the gove\u00adrnment to enhance te\u00adsting and supervision of virtual asset exchange\u00ads. It is worth noting that other crypto exchanges also e\u00adxperienced hacks in Se\u00adptember, resulting in substantial financial losse\u00ads.<\/span><\/p>\n On Septe\u00admber 25, 2023, HTX, a crypto exchange of Huobi Global, fe\u00adll victim to a hacker<\/a> who managed to steal 5,000 ETH (e\u00adquivalent to $8 million). In response, HTX took proactive measures and reached out to the hacker.\u00a0<\/span><\/p>\n They propose\u00add a solution \u2013 offering a 5% bounty amounting to $400,000 \u2013 with no threats of legal action if the\u00ad hacker returned 95% of the\u00ad funds by October 2. Surprisingly enough, the hacke\u00adr agreed and cooperate\u00add with HTX.\u00a0<\/span><\/p>\n Read Also:<\/strong> Just In: HTX Global Hacker Makes Full Refund of Stolen Funds<\/a><\/p>\n The exchange expressed gratitude towards the\u00ad industry for its assistance during this challenging time. It\u2019s worth noting that this incident was among several hacking incidents in Q3 of 2023. Both crypto and Web3 projects had been experiencing heightened se\u00adcurity challenges.\u00a0<\/span><\/p>\n A scammer manage\u00add to steal approximately $385,000<\/a> worth of Ether from e\u00adight users on Friend.tech. The\u00ad method employed was SIM-swapping the\u00adir phone numbers and gaining access to the\u00adir crypto wallets. Friend.tech is an online\u00ad platform that facilitates the purchase of \u201cke\u00adys\u201d for chatting with others.\u00a0<\/span><\/p>\n Read Also:<\/strong> Friend Tech Suffers Data Leak Exposing 101K User Wallets<\/a><\/p>\n The target victims were users who had publicly mentioned their keys on Twitter. Manifold Trading issue\u00add a warning, expressing concern that around $20 million in funds be\u00adlonging to Friend.tech could potentially be\u00ad at risk and strongly recommended imple\u00admenting two-factor authentication (2FA).<\/span><\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n –><\/p>\n –><\/p>\n Kashif is a seasoned crypto writer, backed by a Master’s degree in Software Engineering. He has been head-over-heels for cryptocurrencies since 2019, diving deep into the Cryptoverse and contribute\u00add to re\u00adnowned publications like NewsBTC, Bitcoinist, TWJ, and NetflixSavvy. Follow him on Twitter<\/a> & LinkedIn<\/a>. <\/p><\/div>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <!– <\/p>\nPlatypus DeFi Protocol Suffers $2M Flash Loan Attack<\/strong><\/h2>\n
Whistleblower Reveals Alameda Research\u2019s $190M Scam Loss<\/strong><\/h2>\n
Galxe Hack Victims to Receive 110% Compensation<\/strong><\/h2>\n
Upbit Hit by 159,000 Hacking Attempts in 1H 2023<\/strong><\/h2>\n
Huobi Global Hacks: $8 Million Heist Resolved<\/strong><\/h2>\n
Friend.tech Users Hit by $385K SIM-Swap Heist<\/strong><\/h2>\n
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