Crypto Security Threatened, $28 Million Loss in a Week!

Bittime - A series of crypto security incidents occurred last week, 13-19 May 2024. According to SlowMist, a blockchain security company, the total loss due to these crypto security incidents reached more than $28 million US dollars.  

Various Crypto Security Cases That Have Occurred

At least 9 security cases occurred within a week, namely as follows.

1. pump. fun

pump.fun suffered a loss of $1.9 million due to a flash loan attack by a former employee who abused his authority. The stolen funds are then distributed to random crypto wallets via airdrop.

2. TCH

The TCH smart contract built on the BNB Chain network has a vulnerability that hackers exploited. The hack that occurred last week resulted in a loss of $19,000.

3. Fake Notcoins

A fake token called Notcoin, referring to the original token with a similar name, carried out a rug pull, which is a pump-and-dump scam. The price of the Notcoin token fell 100% and caused a loss of $281,000.

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4. Sonne Finance

Decentralized Finance (DeFi) platform Sonne Finance suffered a loss of more than $20 million due to a flash loan attack that occurred on Compound's Optimism network.

5. BlockTower Capital

Crypto investment company BlockTower Capital is suspected of being hacked. However, the details and losses resulting from this attack are still under investigation.

6. ALEX Lab

Last week, blockchain startup ALEX Lab experienced a private key leak and caused losses of up to $4.3 million.

7. Predy Finance

A vulnerability in the Predy Finance smart contract built on the Arbitrum network was exploited by hackers, causing a loss of $464,000.

8. Equalizer Exchange

Crypto exchange Equalizer Exchange is investigating a potential cyberattack. As a precaution, users are advised to temporarily avoid using the Equalizer Exchange front-end.

9. Patton

Patton Token is suspected of being involved in an exit scam scheme, fraud by leaving the project after collecting funds from investors. The token price plummeted 100% and caused a loss of $266,000.

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Tips to Improve Crypto Security

The cases that occurred over the past week are a reminder of the importance of vigilance and security in the crypto ecosystem. For this reason, SlowMist provides several tips to crypto security teams.

• Regularly update all systems and protocols to protect against security vulnerabilities
• Work with a professional security company to get advanced threat detection and response services.
• Continuously educate and train teams on security best practices and new emerging threats.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read: 

Guide to Protecting Crypto Assets to Be Safe

Pump.fun Becomes Target of Flash Loan Attack!

Equalizer Hack Case: 2353 EQUAL Tokens Have Been Stolen!

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.