Vanessa
Dubai-based cryptocurrency platform M2 reported a cybersecurity breach early Thursday, which involved a $13.7 million loss but was quickly mitigated within 16 minutes of detection.
The incident occurred at 3:16 AM (GMT+4) and was addressed by the platform’s security team by 3:32 AM. In a statement, M2 confirmed that the situation has been fully resolved, customer funds restored, and enhanced security protocols implemented.
M2 assured users that it has taken full responsibility for the incident and is working with legal and regulatory authorities to ensure thorough follow-up on the matter.
“This incident underscores our commitment to protecting customer assets and maintaining a secure platform. We are dedicated to upholding the highest standards of security and compliance,” M2 stated, adding that all services are now operational with strengthened controls in place.
The breach at M2 comes nearly four months after a major attack on WazirX, the Indian cryptocurrency exchange, where hackers stole over $230 million, marking it the second-largest cryptocurrency theft of 2024. According to a Crystal Intelligence report, the crypto sector has faced substantial challenges with nearly $19 billion lost across 785 reported hacking incidents from 2010 to June 2024.
As cryptocurrency adoption grows, hacks and scams have emerged as significant barriers. In February 2024, PlayDapp was hit with the year’s largest security breach, losing $290 million, while the JPEX investment scam in Hong Kong saw $194.3 million in crypto vanish in the same period.
Analysts note that while decentralized finance (DeFi) platforms have suffered heavily in recent years, centralized exchanges remain the primary targets in terms of total value stolen. The USA led with 34 incidents totaling $984 million, followed by Hong Kong with 15 incidents at nearly $1.2 billion. South Korea saw 13 incidents worth over $380 million, the UK 12 incidents at $618 million, and Singapore 10 incidents totaling $134 million.
Source: Crystal Intelligence
As M2 and other exchanges reinforce cybersecurity, industry experts stress that stronger security measures and regulatory collaboration will be key to preventing further attacks and fostering greater trust in digital assets.
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Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions
