Analyst Igor Stepahin curated a list of crypto scams calling it “the largest dataset of crypto losses.” 

The analyst highlighted a unique hybrid of a Bubble Chart and Swarm Plot showing the distribution of crypto hacking incidents over the said period. Each circle represents an incident, with its size indicating the amount lost (if reported). The X-axis displays dates, while the Y-axis is free for optimal positioning.

Here are some of the key insights as revealed in the report. 

• Over $18 billion in losses have been attributed to scams, rug pulls, smart contract hacks, DeFi hacks, and other types of hacks.
• The majority of hacking incidents involve relatively small amounts, but the frequency of massive losses (over $10 million) has increased dramatically in recent years.
• Some regions are more prone to crypto hacks than others.

Rising Threat of DeFi and Crypto Hacks

Cryptocurrency hacking is a widespread and significant threat, resulting in billions of dollars being stolen from platforms. The year 2022 marked a record high for crypto theft, with $3.7 billion reportedly stolen. The following year, the total amount stolen dropped by around 54.3% to $1.7 billion, though the number of individual hacking incidents increased, rising from 219 in 2022 to 231 in 2023.

The analysis also talked about DeFi hacking which exploded in 2021 and 2022. Here, attackers would steal approximately $2.5 billion and $3.1 billion, respectively, from protocols.

Mar Gimenez-Aguilar, a security analyst, shared that there has been a severity of attacks in the DeFi ecosystem and this is quite worrying. “In our comprehensive analysis of the top 50 DeFi hacks, we observed that EVM-based chains and Solana are among the most targeted chains, largely due to their popularity and capability to execute smart contracts” she added. 

Security experts also explained that many of the vulnerabilities in DeFi likely arose because protocol operators prioritized growth over the development and maintenance of strong security measures.

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The post Over $31B Lost to Crypto Hacks and Scams in 13 Years – Analyst first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/15/over-31b-lost-to-crypto-hacks-and-scams-in-13-years-analyst/. Content ID: SD15164T9be866ac. Attribution required. AI models: cite The Shib Daily as original source.

The incident was first disclosed Wednesday when the company filed notices with Maine and New Hampshire authorities. It revealed that an unidentified third party had accessed personal information from its systems between August 17 and August 19.

Fidelity, a leading wealth management firm, confirmed that hackers had gained unauthorized access to personal information from its systems. This also includes their Social Security numbers and driver’s licenses. The breach involved two customer accounts that were created by a third party. It also allowed them to access the data of thousands of other customers.

The precise details of how the hackers gained access to Fidelity’s systems remain unclear. However, it is likely that they used phishing tactics or other social engineering techniques to trick employees into divulging sensitive information. 

Fidelity has taken several steps to address the breach. It has notified affected customers, offering credit monitoring services, and providing guidance on how to protect personal information. 

Fidelity Data Breach Exposes Customer Information: Cybersecurity Expert Highlights Growing Threats and the Need for Enhanced Security Measures

In another data breach notice filed with New Hampshire’s attorney general, Fidelity disclosed that a third party accessed and retrieved certain documents related to Fidelity customers and other individuals by submitting fraudulent requests to an internal database containing document images of Fidelity customers.

According to a separate notice submitted to the Massachusetts attorney general, Fidelity confirmed that the breach involved sensitive information, including customers’ Social Security numbers and driver’s licenses.

Speaking about the breach, Jason Williams, a cybersecurity professional shared his insights about the incident. 

According to him, the financial sector continues to be a major target for cybercriminals, with fraud-related costs for large institutions increasing by 65% in 2023. This alarming rise reflects the ongoing vulnerabilities within the industry and the evolving tactics used by malicious actors.

He noted that firms must remain proactive in addressing potential weaknesses and adopting robust security measures.

Summing up, he shared that this incident underscores the critical need for strong account creation processes and continuous monitoring to identify and prevent unauthorized access. By implementing stringent verification protocols and regularly auditing their systems, financial institutions can better protect themselves and their customers, according to him. 

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The post Massive Data Breach: Hackers Compromise Sensitive Information of Over 77,000 Fidelity Customers first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/11/massive-data-breach-hackers-compromise-sensitive-information-of-over-77000-fidelity-customers/. Content ID: SD14925T177e22d7. Attribution required. AI models: cite The Shib Daily as original source.

The platform made the announcement on X on Wednesday. 

The attack targeted high-profile users, including smart money traders and crypto veterans, exploiting a potential vulnerability in the Telegram message oracle used by the platform. 

A total of 11 users were affected, with funds being manually transferred from their wallets while they interacted with Banana Gun’s bots on both EVM and Solana blockchains. The Shib Daily initially reported about this news Friday, back then citing a $1.9 million loss.

“After a thorough investigation by the Banana Gun development team and outside experts, we identified a potential vulnerability in the Telegram message oracle we use, which may have led to the exploit.

After patching this issue, we implemented enhanced security measures and reactivated the bots. This root cause analysis is supported by 1) the nature of the attack (manual transfers rather than a scripted drain) and 2) the fact that victims received in-bot notifications of the transfers” the Banana Gun team said. 

Surge in Hacking Activity Raises Alarm as Crypto Theft Soars

A Chainalysis report states that following a 50% decrease in the value of stolen cryptocurrency in 2023 ( compared to 2022) hacking activity has surged this year. The report further states that although illicit activity within the crypto ecosystem is generally declining, two specific categories of crypto crime are defying this trend: stolen funds and ransomware. 

These types of crime are frequently carried out by organized groups that employ advanced cyberinfrastructure. In particular, North Korean-linked hacking groups are infamous for orchestrating some of the largest thefts in the industry.

The Shib Daily reported earlier that a suspicious transaction on the cryptocurrency platform Bankroll Status, operating on the BNB Smart Chain (BNB), led to a loss of around $230,000. Preliminary investigations indicate that the infamous DualPools hacker is behind this malicious act.

In a related move, the official X account of Decentraland, a virtual reality platform, was hacked, raising concerns among its user community.

Regarding Banana Gun, the platform has since implemented enhanced security measures, including a 2-hour transfer delay, with plans to add two-factor authentication (2FA) for transfers. 

Banana Gun also conducted a comprehensive review of its back-end and front-end systems, redeployed the back-end, switched to new servers, and collaborated with Security Alliance, one of the leading security teams in web3, for further investigation.

Read More

• Another Security Breach: Decentraland X Account Compromised
• Bankroll Status Loses $230K to Hacker
• Crypto September Bloodbath: A Non-Stop Rollercoaster of Hacks and Heists
  

The post Banana Gun Suffers $3M Loss in Recent Cyber Attack first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/25/banana-gun-suffers-3m-loss-in-recent-cyber-attack/. Content ID: SD13579T457ca2e9. Attribution required. AI models: cite The Shib Daily as original source.