OKLink Reveals $103M Blockchain Losses in February 2024

OKLink’s February 2024 report particulars $103M in crypto losses, highlighting the essential want for heightened safety measures.

The blockchain business confronted vital safety challenges in February 2024, as reported by OKLink in a latest overview. The cumulative losses throughout the community approximated a staggering $103 million USD, with phishing scams contributing to 11.76% of those losses, in accordance with the OKLink Safety Incident Evaluation.

The report highlighted that official social media accounts skilled 37 scams and phishing incidents, primarily targeting platforms like Twitter and Discord. These safety breaches underscore the persistent menace of cyberattacks throughout the crypto house.

Essentially the most substantial REKT incident in February occurred when the staking protocol senecaUSD was exploited because of a code logic flaw, leading to a lack of about $6.5 million USD. The attacker has since returned property value roughly $5.3 million USD. Moreover, the Shido undertaking suffered a RugPull on February 29, 2024, resulting in a lack of round $2.1 million USD.

Different notable incidents included compromised keys and social engineering assaults. The Lightning Community undertaking FixedFloat fell sufferer to a suspected personal key leak, resulting in the theft of round $21 million USD in BTC and $4.8 million USD in ETH. These incidents signify a small portion of the multifaceted safety challenges confronted by the blockchain business.

OKLink’s safety consultants advise that quite a few scorching wallets have been compromised this month because of personal key leaks, and undertaking permissions have been overtaken. Whereas the losses from phishing, REKT, and RugPull occasions have declined in comparison with the earlier month, the magnitude of the injury inflicted continues to be a trigger for concern amongst customers and buyers.

The consultants advocate that undertaking builders conduct in depth testing and sensible contract audits earlier than launching, and handle project-related personal keys with sturdy course of controls to discourage potential exploits. For customers collaborating in Web3 tasks, due diligence on the tasks’ authenticity and reliability is important, together with an elevated means to establish phishing web sites and dangerous tasks to mitigate funding dangers.

The report additionally notes an incident involving PlayDapp, which suffered a ebook lack of $290 million USD in PLA tokens. The precise liquidity, nevertheless, didn’t help cashing out of such a big quantity, and chain evaluation revealed that the precise income have been significantly smaller (within the a whole bunch of 1000’s of USD) and tough to precisely estimate. Due to this fact, solely the preliminary $31 million USD loss was included within the statistics.

The OKLink overview serves as a vital reminder of the vulnerabilities within the crypto ecosystem and the significance of enhanced safety measures and investor schooling to safeguard towards such threats.

Picture supply: Shutterstock



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