crypto hack Archives

Three quarters of rug pulls happened on BNB Chain in Q1 2023

Of all the rug pull scams carried out across the crypto ecosystem in the first quarter of 2023, almost three quarters occurred on Binance’s BNB Chain, according to a report from Immunefi.

The blockchain security firm’s latest report, ‘Crypto Losses in Q1 2023’, looked at the different kind of crypto hacks, scams, and exploits that took place in the first three months of the year.

It found that 73.3% of rug pull scams, where developers attract investor money for a...

6 April 2023 | Cryptocurrency

Immunefi: Hacks made up 95% of lost crypto funds in 2022

Web3 bug bounty platform Immunefi has found that hacks accounted for 95 percent of the $3.9 billion (£3.23bn) lost in the crypto industry in 2022.

The figures come from the firm’s new ‘Crypto Losses in 2022 Report’, with fraud, scams, and rug pulls making up the last 5 percent.

According to the report, decentralised finance (DeFi) was the most targeted sector in the crypto industry, suffering 80 percent of the losses, whilst centralised finance firms took the...

9 January 2023 | Cryptocurrency

Axie Infinity network loses £468m in largest ever DeFi hack

Axie Infinity, one of the biggest success stories in the world of blockchain-based gaming, has become the victim of the largest decentralised finance (DeFi) hack in history.

The Pokémon-style NFT battler saw $615 million (£468m) stolen from its Ronin Network – the Ethereum sidechain created to run the game’s transactions – on March 23.

It took a user being unable to withdraw 5,000 ether (£12m) on March 29 for Ronin to realise that 173,600 ether (£448m) and 25.5...

30 March 2022 | Cyber Security

Wormhole bridge suffers £235m loss to second biggest DeFi exploit ever

Wormhole, a cross-chain token bridge between Solana and other blockchains, has been hacked for £235 million in the second largest DeFi hack to date.

A token bridge is a DeFi protocol that allows users to send and receive crypto between blockchains without the need for a centralised exchange. Wormhole is one of the biggest bridges on the Solana network and is a key component of its ecosystem.

The exploit saw 120,000 Ether transacted from Wormhole to a private wallet...

3 February 2022 | Decentralised Finance (DeFi)

BitMart begins to resume withdrawals four days after $196m hack

Crypto exchange BitMart resumed Ether withdrawals and deposits in the early morning of December 8, four days after hackers stole $196 million (£148m) of assets.

On December 4, BitMart claimed hackers withdrew $150m (£113m) of crypto in a “large-scale security breach”. However, blockchain analytics firm Peckshield, who first publicised the hack, believe the real figure is closer to $200m (£151m).

In a statement on December 6, the exchange confirmed it had completed...