Crypto Weekly Hack Report: From $1.2M Loss to $230M Heist – The Week’s Biggest Crypto Security Failures

The post Crypto Weekly Hack Report: From $1.2M Loss to $230M Heist – The Week’s Biggest Crypto Security Failures appeared first on Coinpedia Fintech News

Threats and losses remain in the foreground, especially in the cryptocurrency market, and the week has been characterized by few contract failures. Furthermore, there have been new developments on the WazirX hack story which is still a big blow to many in the crypto fraternity.

Vow loses $1.2 million to vulnerabilities in contract

Vow encountered a significant mishap on 12th August 2024 when an adversary started an attack within the platform through a hole in its smart contract to trigger a loss of about $1. 2 million. As usually happens with such contract vulnerabilities, this event has once again demonstrated the risks of having contract flaws in projects raising substantial funds.

iVest DAO: Greater than $172k swallowed by smart contract hack

Another popular project, iVest DAO, said it was attacked this week. Another case is that of a smart contract that was skidded due to a flaw which enabled the perpetrator to embezzle some $172,000. 

WazirX Hack: Key Updates

The wazirx wazirx Centralised ExchangeCrypto trading and Information exchange, which recently experienced a devastating hack involving the theft of $230 million, has provided important updates:

Asset Migration: WazirX announced the transfer of the rest of the crypto funds to new multi sig wallets from Liminal. This is being done as an added precaution in order to try to avoid a similar attack in the future to the one that was recently encountered on the website.

Restoration Efforts: After the regular maintenance, WazirX has brought back balances and has also levied reversal for all trades that were affected after the cessation of withdrawals on July 18, 2024. It was taken to rectify inconsistencies and also to avoid cases of people sharing one account and cheating.

As attacks become more sophisticated, the industry must prioritize security to safeguard digital assets and maintain trust within the community. Stay tuned as we keep bringing the latest news on hacks in our weekly hack report!

Also Read: Crypto Hack Alert: North Korean Devs Behind $1.3M Crypto Theft from Over 25 Projects