Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • SUBMIT
Crypto Flexs
Home»BLOCKCHAIN NEWS»Security is improving, despite a January cryptocurrency hack that resulted in losses of more than $126 million.
BLOCKCHAIN NEWS

Security is improving, despite a January cryptocurrency hack that resulted in losses of more than $126 million.

By Crypto FlexsFebruary 6, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Security is improving, despite a January cryptocurrency hack that resulted in losses of more than 6 million.
Share
Facebook Twitter LinkedIn Pinterest Email

January 2024 saw a six-fold increase in the amount of losses from web3 hackers, who continue to exploit loopholes in smart contract code used in cryptocurrency and DeFi protocols.

Hackers stole more than $126 million last month through multiple attacks on decentralized finance platforms, according to AMLBot co-founder and CEO Slava Demchuk. The incidents primarily stemmed from a small number of vulnerabilities, ranging from multi-signature wallet compromises to lending attack vectors, Demchuk added.

One of the biggest hacks in January was Orbit Bridge, a cross-chain protocol that cost malicious actors $80 million. Ozys, the South Korean company that provides the service, suspects a former employee was involved in the attack.

However, cryptocurrency fraud detection experts noted that cybersecurity within the industry is improving year-on-year, as evidenced by a decline in illicit digital asset activity.

It can be surprising and worrying that huge amounts of money are stolen every year, sometimes billions of dollars. But the main trends are clear. Less than 1% of cryptocurrency activity is related to illegal activities.

AMLBot Co-Founder and CEO, Slava Demchuk

A Chainalytic report supports this claim. The company said transactions of stolen assets via cryptocurrency and blockchain networks have decreased by 39%.

As to why these DeFi vulnerabilities persist despite growing global cryptocurrency adoption and increasing institutional demand, Demchuk told crypto.news that projects are continuing to implement security protocols to mitigate and manage risks due to the decentralized nature of blockchain. He said it adds a layer of complexity that needs to be improved.

In some cases, the projects fall short of industry-standard security measures, and in other scenarios, hackers have devised new strategies to circumvent systems aimed at protecting users, they noted.

Enhanced security measures, such as real-time transaction monitoring, and increased collaborative efforts by global law enforcement agencies are two key areas in tackling digital currency-related crimes, according to Demchuk.

AMLBot’s boss added that more communication between cryptocurrency exchanges, wallet providers and blockchain developers would help address the issue through timely sharing of threats and suspicious activity.

Ultimately, this collaboration should lead to the creation of an appropriate infrastructure that can accommodate the participation of all stakeholders. We believe that the cryptocurrency industry will gradually gain comprehensive security over time.

Slava Demchuk, co-founder and CEO of AMLBot

Follow us on Google News

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The $19 billion cryptocurrency collapse: A catalyst for Bitcoin to reach $200,000 by 2025: Standard Chartered

October 25, 2025

DAOs are redefining corporations, but the law is not yet ready.

October 20, 2025

US government holds $36 billion in Bitcoin after largest confiscation in history

October 15, 2025
Add A Comment

Comments are closed.

Recent Posts

US Bitcoin reports holdings of 3,865 BTC after recent acquisition

October 27, 2025

Swiss Bitcoin App Relai Acquires MiCA License In France

October 27, 2025

Tapzi Presale Gains Traction with DeepSnitch AI and Bitcoin Hyper

October 27, 2025

The first extension for Solana developers

October 27, 2025

River Public Sale – 48-Hour Dutch Auction Lowest Price Settlement, Claim And Refund Instantly After End

October 27, 2025

Jiuzi Holdings, Inc. Partners With SOLV Foundation On $2.8B TVL Bitcoin Initiative To Advance Crypto Treasury Strategy

October 27, 2025

Why Elon Musk’s SpaceX transferred $133 million in Bitcoin

October 27, 2025

Stablecoin payments reach $10 billion with mainstream adoption

October 26, 2025

Ethereum Rebounds from Bull Market Support: Can It Conquer the ‘Pocket of Gold’ Next?

October 26, 2025

TRX Price Prediction: TRON targets $0.35-$0.62 despite the current oversold situation.

October 26, 2025

Shamir’s Secret Sharing (SSS) for secure quantum data storage

October 25, 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

US Bitcoin reports holdings of 3,865 BTC after recent acquisition

October 27, 2025

Swiss Bitcoin App Relai Acquires MiCA License In France

October 27, 2025

Tapzi Presale Gains Traction with DeepSnitch AI and Bitcoin Hyper

October 27, 2025
Most Popular

Revolut expands security measures for cryptocurrency customers

December 17, 2024

Crypto MEV Bot (Cryptomevbot.com) Launches Crypto Trading Bot For Individual And Enterprise Traders

July 23, 2025

What’s next for the Litecoin ETF? Canary Capital applies to game-changing ETFs

October 17, 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.