Most Targeted Cryptocurrency Exchanges by Hackers in 2024

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Introduction

The year 2024 has seen a significant increase in cyberattacks targeting cryptocurrency exchanges, resulting in substantial financial losses. Despite advancements in security measures, hackers have continued to find vulnerabilities to exploit. This article highlights the most targeted cryptocurrency exchanges in 2024, detailing the major hacks and their implications.

1. WazirX

Hack Details

• Date: July 18, 2024
• Loss: $234 million
• Method: Multisig wallet compromise

WazirX, one of India's largest cryptocurrency exchanges, suffered a major security breach in July 2024. The hack involved the compromise of a multisig wallet, resulting in the loss of approximately $234 million. The attackers used Tornado Cash to obfuscate the trail of the stolen funds, transferring assets to multiple addresses before swapping them for Ethereum on Uniswap[1][7].

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2. DMM Bitcoin

Hack Details

• Date: May 31, 2024
• Loss: $308 million
• Method: Private key compromise or address poisoning

Japanese cryptocurrency exchange DMM Bitcoin experienced the largest crypto theft of 2024, with hackers stealing over $308 million worth of Bitcoin. The exact method of the attack remains unclear, but potential vectors include stolen private keys or address poisoning, where attackers create fake transaction histories to confuse users[2][5].

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3. BtcTurk

Hack Details

• Date: June 22, 2024
• Loss: $55 million
• Method: Cyber attack

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4. Velocore

Hack Details

• Date: June 2, 2024
• Loss: $10 million
• Method: Exploit on zkSync and Linea

Velocore, a decentralized exchange (DEX) protocol on zkSync and Linea, was hacked in June 2024, resulting in a loss of approximately $10 million. The exploit targeted vulnerabilities within the protocol, emphasizing the need for robust security measures in decentralized platforms[1].

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5. PlayDapp

Hack Details

• Date: February 9 and 12, 2024
• Loss: $290 million
• Method: Unauthorized minting using compromised private key

PlayDapp, a blockchain gaming platform, suffered two significant breaches in February 2024, with hackers stealing $290 million. The attacks involved unauthorized minting of tokens using a compromised private key, underscoring the importance of secure private key management[8].

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Common Attack Vectors in 2024

1. Private Key and Seed Phrase Compromises

Hackers have increasingly targeted private keys and seed phrases, which are crucial for accessing and recovering cryptocurrency wallets. Compromising these keys allows attackers to gain control over users' funds.

2. Multisig Wallet Exploits

Multisig wallets, which require multiple signatures to authorize transactions, have also been a target. Despite their added security, vulnerabilities in the implementation or management of these wallets can be exploited, as seen in the WazirX hack.

3. Smart Contract Exploits

Smart contracts, which automate transactions on the blockchain, are susceptible to coding errors and vulnerabilities. Exploits targeting these contracts can lead to significant financial losses, as demonstrated by the Velocore and PlayDapp hacks.

4. Address Poisoning

Address poisoning involves sending small amounts of cryptocurrency to a victim's wallet to create fake transaction histories. This tactic can confuse users into sending funds to the wrong address, leading to financial losses.

Conclusion

The year 2024 has been marked by a series of high-profile hacks targeting cryptocurrency exchanges, resulting in billions of dollars in losses. WazirX, DMM Bitcoin, BtcTurk, Velocore, and PlayDapp have been among the most targeted exchanges, each suffering significant breaches. These incidents underscore the critical need for enhanced security measures and vigilance within the cryptocurrency industry. As hackers continue to evolve their tactics, exchanges must adopt comprehensive security strategies to protect their users and assets.

Citations:
[1] https://www.immunebytes.com/blog/list-of-largest-crypto-hacks-in-2024/
[2] https://www.reuters.com/technology/crypto-hacking-thefts-double-14-bln-first-half-researchers-say-2024-07-05/
[3] https://www.cnbc.com/2024/07/09/hackers-stole-twice-as-much-crypto-in-the-first-half-of-2024.html
[4] https://blockchain.news/postamp?id=crypto-hacks-and-scams-rising-alarmingly-in-2024
[5] https://www.trmlabs.com/post/thefts-from-hacks-and-exploits-surge-in-first-half-of-2024
[6] https://blockchain.news/news/crypto-hacks-and-scams-rising-alarmingly-in-2024
[7] https://thehackernews.com/2024/07/wazirx-cryptocurrency-exchange-loses.html
[8] https://www.coolwallet.io/blog/crypto-hacks-2024/