As a seasoned crypto investor with over a decade of experience in this dynamic and ever-evolving digital frontier, I can’t help but feel a familiar pang of unease when yet another significant exchange is hit by hackers. The recent $13.7 million breach at M2 Exchange is just the latest reminder that our digital assets are not immune to the threats we face in the physical world.
On March 16th (GMT+4), cryptocurrency platform M2 experienced a security incident in which hackers made off with approximately $13.7 million worth of digital assets. This event occurred around 3:00 AM, impacting the exchange’s “hot wallets”. However, M2 acted promptly and assured their users that the situation has been resolved, and customer funds have been restored. They also emphasized that all services are now functioning normally with enhanced security measures in place.
Initially, questionable activities involving the entity M2 were flagged by Cyvers Alerts, a company specializing in blockchain security. These activities were detected on three significant networks: Ethereum, Solana, and Bitcoin.
After noticing something odd, Cyvers attempted to contact M2, but initially received no reply. Later on, M2 admitted there was an issue and clarified the details about what occurred.
As per Cyvers’ reports, a questionable wallet garnered approximately $3.7 million in USDT, 97 million SHIB, and 1,378 ETH. Subsequently, the hacker converted all assets into Ethereum, leaving roughly $10 million traceable on the Ethereum blockchain. Cyvers also provided the wallet’s address for those interested in tracking this case using Etherscan.
Further adding to the mystery surrounding the event, blockchain analyst ZachXBT disclosed additional details today, revealing that the attacker focused on M2’s online wallets. These wallets being internet-connected make them more susceptible to hacking, particularly when substantial amounts of cryptocurrency are kept within them.
One of several recent cyber-attacks on cryptocurrency platforms, such as the recent incident where hackers stole $230 million from WazirX in India, highlights the increasing concern about security breaches in the crypto market. In September alone, these attacks have cost the industry over $3.23 billion, as reported by PeckShieldAlert.
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2024-11-01 17:08