New Year, New Breaches: Crypto Hacks Ring in 2024 with $89M+ Losses
The post New Year, New Breaches: Crypto Hacks Ring in 2024 with $89M+ Losses appeared first on Coinpedia Fintech News
Three major crypto hacks rocked the digital asset world this week, leaving a trail of millions in stolen funds. From bridges hacked in a New Year’s Eve heist to vulnerabilities exploited in lending protocols, no corner of DeFi was safe. Want to know how it happened and what it means for you?
This quick guide breaks down each attack, offering the essential details you need to stay informed and navigate the crypto realm with a cautious eye.
Dive in.
Orbit Bridge Breach: A Shocking $82M Incident
As 2024 began, an alarming exploit came to light. On New Year’s Eve, hackers orchestrated an $81.7 million breach on Orbit Chain’s bridging service, Orbit Bridge. Intriguingly, they compromised 7 of 10 multi-sig signers and began with 10 $ETH from TornadoCash—a notable currency mixing service among hackers. This cryptocurrency was then moved to an intermediary address.
The sophisticated attack consisted of five separate transactions. The hackers moved significant amounts: $30 million in Tether (USDT), $10 million in USD Coin (USDC), $21.7 million in Ether (ETH), $9.8 million in Wrapped Bitcoin (WBTC), and $10 million in the algorithmic stablecoin DAI, to undisclosed wallets.
Radiant Capital’s Challenge: A $4.5M Breach Uncovered
Radiant Capital, a cross-chain lending protocol halted its lending and borrowing markets on Arbitrum after uncovering a reported $4.5 million (2337 ETH) exploit linked to one of its newly created USDC Coin (USDC) markets.
The attacker manipulated the index parameter to become extremely large. dThe contract has a rounding issue in its calculations, which led to a cumulative precision error.
Since the index parameter was dramatically inflated, this precision error was also magnified, ultimately allowing the attacker to profit through repeated deposit() and withdraw() operations.
Gamma Strategies’ Strategy: A $3.4M Retrieval Effort
Gamma Strategies, specializing in Ethereum-based liquidity management, took a distinct approach to address its $3.4 million exploit from January 4th. They engaged directly with the attacker, initiating a bounty negotiation to recover the misappropriated digital assets.
Curious to hear: how are you adjusting your investing strategy in light of these attacks?
