February: A Month of Massive Theft
Blockchain investigator PeckShield reports a staggering 97.6% increase in the value of cryptocurrencies stolen in February compared to January. Over 21 attacks resulted in the theft of approximately $360.83 million.
Top Three Attacks of the Month
- PlayDapp: The web3 gaming platform lost $290 million in PLA tokens after two hacks.
- FixedFloat:
The DeFi exchange lost nearly $26 million in Bitcoin and Ether.
- Axie Infinity Co-founder: Jeff Zirlin lost over $9.7 million in Ether due to leaked keys.
Alarming Trend
These high-profile hacks highlight the alarming rate at which crypto funds are being stolen. In 2023, the total value of stolen crypto was $342 million, a 25% decrease from 2022. However, the first two months of 2024 have already surpassed that amount.
Recovery Efforts
Despite the massive thefts, only 1.8% of the stolen funds have been recovered, totaling $6.7 million. Most of these recoveries came from negotiations with the hacker involved in the Seneca attack.
Conclusion
The surge in crypto hacks is a serious concern for the industry. Investors and users should take precautions to protect their assets, such as using strong passwords, enabling two-factor authentication, and storing funds in secure wallets.
