Cryptocurrency breaches and schemes are once again on the rise, with the theft of tens of millions of dollars.
A substantial compromise has occurred at Rho Markets, a lending protocol on the Scroll network, culminating in the seizure of more than $7.6 million in USDC and USDT. A compromised blockchain oracle was the source of this security incident, as per Cyvers, a blockchain security firm.
WazirX, an Indian exchange, suffered a significant hacking earlier this month, resulting in the loss of $230 million to hackers. This attack follows on the heels of this incident. This week has been exceptionally difficult for the crypto sector, as it has been the second most profitable week for hackers in 2024.
Kaspersky reported that, in addition to the Rho Markets compromise, other notable incidents include a July 16 attack on the Li.Fi protocol, which resulted in the depletion of over $10 million through a smart contract exploit, and phishing attacks designed to target users of the Telegram game Hamster Kombat.
The number of digital assets seized across 785 breaches over the past 13 years has been nearly $19 billion, with 2024 potentially surpassing previous years in terms of losses. Compared to the same period in 2023, the number of misappropriated funds increased by 42% in the first quarter.
Also Read: The European Union (EU) Revises Cryptocurrency Classification Regulations Under MiCA
