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$8.8M Lost in Crypto Security Breaches This Week: Report

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$8.8M Lost in Crypto Security Breaches This Week: Report

  blockchainreporter.net 1 h

$8.8M Lost in Crypto Security Breaches This Week: Report

The recent days have seen enormous losses in crypto security incidents. As per SlowMist, a well-known blockchain security platform, the entire week saw several security incidents in which the targeted entities lost more than $8.8 million. The security platform provided the details of these events on its official X account.

🚨 SlowMist Weekly Security Report
(June 3 – June 9, 2024) 🚨

Total Losses: Over $8.8M😱

Incident Highlights:

1. Loopring: $5M lost due to a security vulnerability that compromised the Loopring Smart Wallets. ⚠️
2. Gemholic: $3.4M lost in a rug pull, where the project…

— SlowMist (@SlowMist_Team) June 10, 2024

SlowMist Weekly Crypto Security Report Highlights 5 Security Incidents Incurring Huge Losses

In the latest post, the security firm presented its “Weekly Security Report” ranging between 3rd and 9th of June. According to SlowMist, 5 exploits took place during these days. The respective events included Loopring, Gemholic, TLN Protocol, SteamSwap, and NCD. It added that all of these exploits resulted in significant losses. In the case of Loopring, a security vulnerability in the platform paved the way for the exploit.

Leveraging that vulnerability, the attacker targeted the Loopring Smart Wallets to take away the investors’ hard-earned funds. In this respect, the exploiter stole up to $5 million worth of assets from the platform. On the other hand, the 2nd instance comprised a rug pull event. Gemholic reportedly disappeared following shifting the funds of the investors. In this respect, the users lost an enormous amount of nearly $3.4 million.

Contract Vulnerabilities Lead to 3 of the Incidents

In the 3rd incident, the exploiter aimed for the TLN Protocol. SlowMist asserted that the attacker detected and benefited from a contract vulnerability on the platform. As a result of this, the company lost a massive sum of approximately $280K on BNBChain.

While moving on, the security forum disclosed the incident of SteamSwap where the attacker exploited a contract vulnerability. SlowMist asserted that the company incurred losses of up to $105K on BNBChain. The 5th incident took into account the attack on NCD. A contract vulnerability led to the loss of almost $20K on BNBChain.

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