The post Crypto Weekly Hack Report: From $1.2M Loss to $230M Heist – The Week’s Biggest Crypto Security Failures appeared first on Coinpedia Fintech News
The crypto market, which was represented innovation and financial freedom, is now filling everyone with doubt. Recent weeks have been a rollercoaster of highs and lows, with a series of high-profile hacks and security breaches wreaking havoc on the ecosystem.
From the loss of millions to the breakdown of investor trust, these attacks have exposed all the vulnerabilities of the crypto world. Here’s more that you should know about.
Vow’s $1.2 Million Loss
On August 12, 2024, Vow experienced a serious security incident when attackers exploited a weakness in its smart contract, resulting in a loss of about $1.2 million. This incident demonstrates the dangers of having flaws in contracts, especially for projects that manage substantial funds.
iVest DAO: Another Smart Contract Breach
This week, iVest DAO also reported a security breach. A flaw in one of its smart contracts allowed attackers to steal around $172,000. This breach highlights ongoing issues with smart contract security.
WazirX Hack: Key Updates
The wazirx
Centralised ExchangeCrypto trading and Information
exchange, which recently experienced a devastating hack involving the theft of $230 million, has provided important updates:
Asset Migration: WazirX is moving its remaining crypto assets to new multi-signature wallets provided by Liminal. This precaution aims to enhance security and prevent future attacks.
Restoration Efforts: After routine maintenance, WazirX has restored account balances and reversed trades that were affected by the halt of withdrawals on July 18, 2024. This action corrects inconsistencies and prevents fraudulent activity.
As cyber-attacks grow more sophisticated, the cryptocurrency industry must strengthen its security measures to protect digital assets and maintain trust within the community. Stay tuned for our weekly hack report to keep up with the latest news on crypto security.
Also Read: Crypto Hack Alert: North Korean Devs Behind $1.3M Crypto Theft from Over 25 Projects
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