Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»BITCOIN NEWS»Crypto sector lost $160 million due to fraud and hacking in February
BITCOIN NEWS

Crypto sector lost $160 million due to fraud and hacking in February

By Crypto FlexsMarch 3, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Crypto sector lost 0 million due to fraud and hacking in February
Share
Facebook Twitter LinkedIn Pinterest Email

The cryptocurrency industry is permanently vulnerable to malicious activity, and hackers are constantly attacking it. We’re only two months into 2024, and cryptocurrency scams are already popping up. According to blockchain audit firm CertiK, more than $160 million has been lost due to cryptocurrency hacks and fraud. February only.

Although this figure is lower than before, january lossCryptocurrency losses due to hacking, fraud, and abuse are growing rapidly, currently reaching $343.5 million annually.

The cryptocurrency sector lost $160 million to malicious players.

According to Certik’s latest update, the cryptocurrency world has already been hit hard by a series of sophisticated scams in 2024. The majority of February’s losses, about $101 million, were caused by exploiting vulnerabilities in cryptocurrency projects. Various examples of attacks were noted throughout the month, especially on Certik’s social media pages against X.

#CertiKStatsAlert 🚨

Combining all incidents in February, approximately $160 million was lost due to exploits, hacks, and fraud.

The total decreased slightly compared to January, with the phishing amount reaching approximately $14.6 million.

Scam Closed: ~$58.2m
Flash Loan: ~$138,000
Exploits: ~$101M
Returned: ~$6.4 million… pic.twitter.com/E15cqbeELQ

— CertiK Alert (@CertiKAlert) February 29, 2024

For example, on February 28 Certik pointed out Seneca USD, an omnichain CDP protocol, was exploited and perpetrators stole at least $3 million worth of assets. In total, Seneca USD lost $6.46 million in February.

However, the biggest attack occurred on PlayDapp, a South Korean blockchain game development platform. Attackers exploited a smart contract vulnerability in the platform to steal $32.35 million worth of cryptocurrency. Other large-scale exploits occurred on Fix Float, Jihoz.Run, and DuelBits, resulting in losses of $26 million, $9.7 million, and $4.66 million respectively.

Certik noted that investors suffered $58.2 million in losses trying to escape the scam in February. This is when the developer of a cryptocurrency project raises a large amount of funding and then suddenly disappears, taking investors’ funds with them.

Total crypto market cap is currently at $2.262 trillion. Chart: TradingView.com

BitForex, a Hong Kong-based cryptocurrency exchange, accounted for the majority of February’s breaches. The exchange was suddenly taken offline after $56.5 million was mysteriously withdrawn from hot wallets. RiskOnBlast, a gambling and exchange platform, also disappeared with $1.29 million worth of investment funds.

The industry also lost $138,000 on flash loans, a significant decrease from the $15.3 million recorded in January. $6.4 million was returned, the largest amount from Seneca exploiters. who is back 1,537 ETH worth $5.3 million was used in this project.

Can the cryptocurrency industry really be free from fraud?

Cryptocurrencies provide users with complete anonymity, but hacking and theft are some of the disadvantages that arise from the broader benefits of this anonymity. Despite taking various security measures, Attackers have upped their game. and expanded the business Over the years.

However, recent reports suggest that fraud and abuse are occurring. has decreased significantly Last year. especially, The report has been released Losses from cryptocurrency fraud decreased from $39.6 billion in 2022 to $24.2 billion in 2023.

Featured image from Pexels, chart from TradingView

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Cardano founder says Chainlink quotes ‘ridiculous price’ to them.

September 3, 2025

The US government posts GDP data on Bitcoin block chain.

August 28, 2025

Ether ETF is a comeback of $ 280 million, with bitcoin leaked stripes hit on the 5th.

August 22, 2025
Add A Comment

Comments are closed.

Recent Posts

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Is XRP The Dark Horse Of The Cryptocurrency World? Earn 652 XRP Daily Using Invro Mining’s Smart Contract

September 4, 2025

TRX Was Early, ETH Set The Standard, BNB Built The Scale- Now SYC Brings The Next Evolution

September 4, 2025

Sign Up And Receive $500 Bonus, Ushering In A New Era Of Compliant And Secure Crypto Investment

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025
Most Popular

Binance Introduces Zero Fees for EURI Purchases via SEPA Bank Transfers

September 10, 2024

Fireblocks integrates with THORChain to improve cross-chain settlement.

June 22, 2024

Mt. Gox extends repayment deadline to 2025

October 12, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.