In a concerning trend, cybercriminals managed to siphon off more than $104 million worth of cryptocurrency in February, although this figure reflects a 42% decrease compared to the previous month’s numbers.
Data compiled by PeckShield reveals that decentralized protocols bore the brunt of these attacks, with a total of 20 breaches occurring throughout the month. Among these incidents, the most substantial theft was perpetrated against PlayDapp, resulting in a staggering loss of $36 million for the project.
Other notable victims included the crypto trading platform FixedFloat, which suffered losses amounting to $25.8 million, and Jeff “Jihoz” Zirlin, co-founder of Ronin and Axie Infinity, who encountered the third-largest incident of the month, losing $9.7 million. It is worth noting that approximately 6.5% of the stolen funds, totaling around $6.7 million, have been recovered.
PeckShield’s analysis indicates that hackers typically laundered the stolen cryptocurrency through various channels, including the sanctioned crypto mixer Tornado Cash, the exchange protocol eXch, and the Bitcoin blockchain.
While the exact scope of criminal activity in February remains difficult to ascertain due to underreporting by victims, the latest data represents a significant increase compared to February 2023. During the same period last year, the market suffered losses of $30.6 million due to hacker attacks, according to DefiLlama data.
These findings underscore the persistent threat posed by cybercriminals to the cryptocurrency ecosystem and highlight the importance of robust security measures to protect against such attacks. As the industry continues to evolve, stakeholders must remain vigilant and proactive in safeguarding their assets from malicious actors.
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