- From the first quarter of 2023 to the 3rd quarter, there was a rampant increase in crypto hacks. In fact, many individuals lost their cryptocurrencies due to such hacks.
- However, individuals aren’t the only targets of crypto hacks. In fact, large institutions such as crypto exchanges and wallet providers are the primary targets. The Euler Finance hack is a major example.
Crypto hacks are when cybercriminals employ different means to defraud you of your crypto assets. However, as an individual or customer, you are not the only target of cybercriminals. In fact, crypto exchanges, protocols, and wallets represent a large chunk of their prey. Furthermore, the numbers in 2023 show a massive surge in crypto hacks. Perhaps, we should start with the biggest of them all.
Euler Finance Crypto Hacks
The Euler Finance hack is currently the biggest crypto hack in 2023. The cybercriminals supervising this hack deployed deadly strategies to steal crypto assets. According to blockchain security firm CertiK, the total worth of crypto hacks in 2023 Q1 was $320 million. The Euler Finance hack accounted for 60% of it. That’s to show you how deadly the hack was.
Apparently, the official value of crypto assets from the hack is $195 million. But something different happened. Euler Finance managed to get back a large percentage of the stolen money. Apparently, they entered negotiations with the hackers. Then the hackers released 90% of the stolen assets. You can call Euler Finance lucky.
The Bitrue Exchange Heist ($23 million)
Bitrue is a crypto exchange that fell under hackers’ strategies in April 2023. Hence, this led to a massive hack with more than $23 million going missing. Apparently, the hackers entered their hot wallet system, allowing them to make away with more than 5% of their total assets. Ethereum, Gala, and other cryptocurrencies are among the stolen assets.
The Whale Mystery Crypto Hacks ($10 million)
Following shortly is the crypto whale mystery. However, note that this particular hack affected a group of whales. Apparently, a hacker saw the way whales stored their cryptocurrencies had a defect. Furthermore, there is a security flaw in the open-source multi-sig contract wallets whales use for storing cryptocurrencies. Hackers know about this, so they swung into action and stole as many cryptocurrencies as possible. The total worth of the stolen cryptocurrencies is $10 million.
Deus Finance Crypto Hacks ($6 million)
Deus Finance is a decentralized crypto protocol affected by the series of crypto hacks in 2023. Apparently, the protocol suffered a security breach, giving hackers access to steal about $6 million. The hack started in their BNB Smart Chain (BSC) contract before moving to the Arbitrum network in Ethereum.
Conclusion
These are not even the biggest hacks in the crypto industry, but still, it represents a huge amount of funds. However, you can take preventive measures to ensure you don’t fall victim to crypto hacks. One of the most prominent is that you shouldn’t leave a large chunk of your funds in exchanges or protocols.
