Crypto Industry Grows Amidst $336M in Hack Losses; Scams Surge on Ethereum's Base

April 3, 2024
Crypto Industry Grows Amidst $336M in Hack Losses; Scams Surge on Ethereum's Base
  • The cryptocurrency industry experienced growth yet incurred substantial losses of $336,311,217 in Q1 2024, primarily due to cyber attacks.

  • Two major DeFi platform hacks, OrbitBridge and Munchables, were responsible for almost half of the total losses, highlighting Ethereum's vulnerability.

  • Efforts to recover stolen funds were somewhat successful with $73,885,000 reclaimed in seven incidents.

  • OODA is developing a Web3 incident database aimed at bolstering cyber risk management through detailed analysis and expert global support.

  • Scams on Ethereum layer 2 chain Base contributed to a larger trend of increased crypto and NFT thefts, with a 50% rise in stolen funds observed in March.

  • ERC-20 tokens, Ethers, and NFTs are the primary targets for scammers using fake platforms, wallets, and celebrity endorsements, with a surge in fraudulent Twitter account activity.

  • The NFT market faced a sales downturn of 4%, and the emergence of a new meme coin, Smog (SMOG), is marked by promotional incentives like rewards and airdrops.

Summary based on 3 sources


Get a daily email with more Crypto stories

Related Stories