Cryptocurrency platforms experienced a significant decrease in hacking incidents in February, although cyber attackers were still able to steal over $100 million in digital assets. While the frequency of attacks decreased, the fact that hackers were able to steal such a large amount highlights the ongoing challenges in strengthening cybersecurity within the crypto industry.
According to PeckShield, a blockchain security firm, hacking incidents targeting cryptocurrency platforms decreased by nearly half in February compared to the previous month. However, despite this decrease, the losses incurred by these attacks remain significant, with hackers successfully stealing over $100 million in digital assets.
In January 2024, hackers launched more than 30 attacks, resulting in the theft of cryptocurrencies worth approximately $182.54 million. This represented a staggering 771.39% increase compared to January 2022, indicating the growing sophistication of cyber attacks in the crypto space. However, in February, the total amount stolen was $104.73 million across more than 20 attacks, marking a 42% decrease compared to the previous month.
Several notable victims fell prey to cyber attacks in February, including PlayDapp, FixedFloat, and Axie Infinity co-founder Jeff “Jihoz” Zirlin. PlayDapp suffered a loss of $36 million on February 9, followed by FixedFloat, which lost $25.8 million on February 18. Jeff Zirlin, co-founder of Axie Infinity, was also targeted, with hackers exploiting the platform for $9.7 million on February 23.
In addition, ShidoGlobal and Seneca experienced significant breaches. ShidoGlobal lost $7.3 million on February 29, causing its native token to plummet by over 80% in just five minutes. Seneca faced a theft of $6.9 million on February 28, although the hacker returned $5.3 million to the protocol the next day, keeping a 20% bounty.
These incidents highlight the critical need for improved cybersecurity measures in the cryptocurrency industry. Despite efforts to strengthen platforms against malicious actors, hackers continue to exploit vulnerabilities, resulting in substantial financial losses for both platforms and investors.
The attacks serve as a reminder of the inherent risks associated with managing digital assets and the urgent need to implement robust security protocols to protect against potential breaches.
