A recent massive crypto hack has shaken the community, resulting in the theft of $238 million worth of Bitcoin. The alarming news was first brought to light by the renowned crypto sleuth ZachXBT, who shared details of the suspicious transfer on X (formerly Twitter). Moreover, the community questioned the notorious Lazarus Group’s involvement in the theft.
$238M Bitcoin Stolen In Latest Crypto Hack
According to ZachXBT’s research, the victim lost 4,064 Bitcoin, worth approximately $238 million, in a suspicious transfer today. The transaction hash associated with the theft, 4b277…, revealed that the stolen funds were quickly transferred across various platforms. These include ThorChain, eXch, KuCoin, ChangeNow, crypto mixer Railgun, and Avalanche Bridge.
As of now, the cause of the crypto hack remains unclear. The crypto community is questioning whether the Lazarus Group, a North Korean cybercriminal organization known for high-profile crypto hacks, might be involved. However, crypto sleuth ZachXBT dismissed these notions. They stated, “Not this time I think (behavior is a bit different).”
Recently, the Pump Fun scam also resulted in losses of nearly $30 million. Furthermore, the first half of 2024 was challenging for the crypto industry, which has seen a surge in high-profile hacks and security breaches.
According to data from Peck Shield Alert, the losses from crypto scams and hacks in 2024 have already exceeded $1.5 billion. This indicates a staggering 293% increase compared to the same period in 2023 when total losses amounted to $480 million.
Of the funds lost in 2024, only $319 million has been recovered. Decentralized finance (DeFi) protocols have been the primary targets for hackers, accounting for 59% of the total value stolen. More than 200 crypto hack incidents have been recorded, affecting over 20 public chains.
Among these, Ethereum (ETH), Bitcoin (BTC), and XRP have been the most heavily impacted. Moreover, Ethereum and the BNB Chain were the most frequently targeted blockchains, each accounting for 31.3% of the total hacks.
Latest Hacks In 2024
This recent Bitcoin theft is not the only significant crypto hack in 2024. Recently, the Ronin Network and Nexera were both victims of substantial breaches, with $12 million and $3 million stolen, respectively. However, in a rare turn of events, the funds lost in the Ronin bridge attack were fully recovered.
Nexera also managed to recover most of the stolen funds, with only $400,000 still unaccounted for. Furthermore, in July 2024, WazirX, a prominent cryptocurrency exchange, suffered a major hack. It resulted in the loss of $230 million worth of assets, including Ethereum, Shiba Inu, Pepe Coin, and Polygon.
In a recent update, WazirX assured its users that its systems and laptops were not compromised during the attack. This conclusion came after a thorough forensic investigation by Mandiant Solutions, a Google subsidiary.
However, the report suggested that the breach likely stemmed from issues with its former infrastructure and custody partner, Liminal. Nonetheless, Liminal denied these claims, raising questions about the security measures in place at WazirX.
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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