As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies, I find myself both impressed and concerned by the latest developments in this realm. Binance’s recent announcement of recovering or freezing over $73 million in stolen funds is indeed commendable, showcasing their commitment to security. However, the staggering number of incidents reported by Immunefi – 72 in just one quarter – paints a different picture, suggesting that the battle against cybercrime in crypto space is far from over.
According to Binance, their security specialists have successfully retrieved or locked approximately $73 million that were stolen through cryptocurrency hacking incidents and fraud schemes.
In a press release dated August 8th, Binance disclosed that approximately 80% of the funds they’ve recovered or frozen were due to hacking incidents, thefts, and exploits within the cryptocurrency market up until July 31st, 2024. The remaining 20% corresponds to funds that were stolen through crypto scams.
As stated by Binance, the amount they’ve recovered by July 31 of this year ($73 million) exceeds the total sum their security team managed to recover throughout all of 2023 ($55 million).
“Jimmy Su, Binance’s Chief Security Officer, emphasized that this success is a testament to our firm commitment not only to safeguarding our users but also to improving the broader security framework within the cryptocurrency market.”
Expanding on my previous statement, I’d like to point out that the market’s rapid growth and instability we’ve seen lately tends to attract a surge of novice investors. These newcomers, due to their inexperience, may become easy targets for scams and cyberattacks. Furthermore, during such volatile periods, prices can skyrocket, leading to significant financial losses when they inevitably correct.
Crypto hacks and other loses
In the first seven months of the year, Binance’s aggressive actions have helped them recover a significant sum of money that was stolen during different events.
In the second quarter of 2024, as reported by Immunefi, a blockchain security firm, there were an astounding 72 instances of unauthorized hacking, fraudulent activities, rug pulls, and other malicious exploits in the cryptocurrency sector.
As a researcher, I’ve analyzed the financial losses incurred during the recent quarter, and the findings are staggering: The total losses surpassed an astounding $572 million! A significant portion of these losses—approximately $564 million—was due to cyber attacks, with a total of 53 incidents reported.
Significantly, the Immunefi report omitted the $230 million cyber-attack on WazirX, a platform based in India, which occurred in July. However, Peckshield, a company specializing in blockchain security, disclosed on August 1 that when accounting for the WazirX hack, cryptocurrency platforms and the DeFi sector collectively experienced losses totaling over $266 million.
According to a Chainalysis report, the amount of cryptocurrency stolen throughout the market in 2023 decreased to approximately $24.2 billion, contrasting with a theft total of $39.6 billion in 2022.
In the near future, it’s predicted that approximately 70% of cryptocurrency-related crimes may be committed using deepfakes, according to a report recently published by Bitget, an AI-focused crypto exchange.
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2024-08-08 16:50