Reports reveal that the crypto industry lost a whopping $42.6 million to hackers in May 2024.
According to Certik report, a security-focused ranking platform that analyzes and monitors blockchain protocols and DeFi projects, it disclosed that flash loan attacks accounted for majority of these losses, with around $20.7 million stolen from the blockchain system.
Other scams included exit scams which accounted for $1.8m loss and Exploits accounting for $19.7m in loss. Decentralized finance (Defi) remains the primary target for hackers in the crypto space with over $2 billion lost to hacks and exploits last year.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
Ethereum and BNB were the most targeted blockchains in May 2024, with the duo representing over 62% of total losses across all blockchains targeted.
One of the most notable incidents was the attack on Gala Games, which resulted in a loss of $21.6 million, closely followed by Sonne Finance, which suffered a loss of $20 million due to a flash loan attack.
These events underscore the vulnerability of even the most established platforms within the crypto ecosystem and the urgent need for stronger security measures. However, it is worth noting that despite the losses, around $96.2 million was recovered, which helped mitigate the economic impact to some extent.
Notably, amid growing concerns of scams in the crypto space, crypto exchange Coinbase has warned about the prevalence of deepfake scams in the industry.
Coinbase Chief Information Security Officer, Jeff Lunglhofer, expressed concerns that the advancement of AI technology, deepfake, is certain to harm the crypto industry. This has been underscored by videos mimicking the real life images of crypto CEOs such as Coinbase Brian Armstrong, that have been used in advertising fake token giveaways.
Also, the United States Securities and Exchange Commission (SEC) released an update to alert the public of the prevailing menace of fraudsters who use cryptocurrencies securities for purposes of defrauding investors. Due to the growing popularity of digital currencies, such scams have evolved into more elaborate forms using several deceptive strategies to defraud people.
The latest advisory by the SEC notes that investors should be especially wary since fraudsters are using the promise of cryptocurrencies to perpetrate their schemes. These frauds typically involve the use of sophisticated technologies and social manipulation to give an impression of genuine investment products.
Furthermore, the SEC has noted that pump and dump fraud is on the rise, especially in the context of low-quality or speculative coins such as memecoins, through which investors can lose a lot of money.
According to the SEC, another thing that investors need to be careful about are demands for extra payments for the unlocking or recovery of their investment accounts. These requests are usually accompanied by the promises that the person has to pay taxes and fees or to get through some regulation issues, which are actually just an attempt of the scammers to get more money from the victims.
The SEC further encouraged anyone interested in investing to undertake their research and consult accurate information, especially when investing in crypto assets. Some of the checks that should be conducted to ensure that any investment opportunity is legitimate include checking the identity of the people or companies offering the investment opportunity and the accuracy of their claims on the returns that one is likely to get from the investment.
The current surge in crypto fraud highlights the importance of security in the blockchain space. As the crypto market continues to expand and evolve, so do the techniques and strategies employed by attackers continue to upgrade.
There are calls for stakeholders within the industry which includes investors, developers, regulatory bodies, to work together to identify potential vulnerabilities and address them promptly.
I almost lost my life after falling victim to a scam that went on for weeks, I got contacted by a lady pretending to be a Forex trader account manager, told me I’ll make huge profits if I invest on her platform not knowing that I was being targeted, I started making investments through bitcoins until it was time to withdraw and they insisted I had to pay 20% to withdraw my money and it was then I knew I was being swindled. Unfortunately, I had already put $90,000 into this investment scam. While I was wallowing in depression, I came across an article about a company CYBERPOINT Recovery that can help me recover my money, I didn’t hesitate to contact them, they took some information from me and to my surprise, all my money was recovered within 48 hours. I’m truly grateful to CYBERPOINT Recovery for their professionalism in helping me recover my money. If you have lost money to any of these scams, I’ll recommend them to you. Their contact:([email protected])
Are you ready to embark on the wild journey of cryptocurrency investing? Remember that this thrilling ride comes with its own dangers, such as losing funds or having them mysteriously disappear. Imagine finding yourself locked out of your wallet or mistakenly sending coins to the wrong address – it can feel like your hard-earned cash has disappeared into thin air. But fear not, dear explorer! There is hope on the horizon in the form of crypto recovery experts, like the Wizard at TrustGeeks hack expert. With their help, you can navigate the treacherous waters of the digital world and reclaim your lost treasures. Venture forth with confidence, knowing that a skilled wizard stands ready to guide you through the darkest corners of the cryptocurrency realm. This contemporary Merlin is dedicated to assisting crypto investors in recovering their lost digital assets. Equipped with advanced tools and forensic blockchain analysis techniques, TrustGeeks hack expert are able to locate misplaced coins and return them to the appropriate wallet. No matter the complexity of the situation – be it a forgotten password or hardware malfunction – this crypto recovery expert possesses the expertise and resources necessary to retrieve your funds. Utilizing years of experience in crypto tracking, the Wizard possesses a mastery that allows him to analyze the blockchain with precision. He is able to trace transaction histories and determine the current location of your coins efficiently. His expertise covers major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, as well as numerous alternative coins. To benefit from his skills, simply provide him with your wallet address or transaction ID and he will promptly begin his analysis. The Wizard understands the panic of having your hard-earned crypto vanish. That’s why they offers transparent pricing with good upfront fees. With this Merlin of crypto recovery on your side, there’s no reason to despair. TrustGeeks hack expert has the knowledge, tools, and determination to reunite you with your lost crypto assets. Reach out To TrustGeeks Hack Expert communicate through Web www://trustgeekshackexpert.com/
Another Successful Bitcoin Recovery!!!
My husband and I are another successful client of CYBERPOINT RECOVERY COMPANY among many. I read countless positive reviews about how they have been using their cyber expertise to help people achieve their happiness back by recovering their scammed or lost Bitcoin and assets from fraudulent and posers of Cryptocurrencies trading companies. After reading many of the wonderful services they render and testimonies, I had to contact them because my husband was seriously defrauded by some Chinese bitcoin miners, it all ended in goodwill as we were able to recover what we thought we had lost to scammers. If you have similar issue or need their support kindly reach out to them via Email: ([email protected])
W.h.a.t.s.A.p.p:(+.1.7.6.0.9.2.3.7.4.0.7)
WhatsApp. +1 (561) 726-3697
Telegram. Id User TECHCYBERFORC
My name is Kamna, I’m originally from the Philippines, but I’ve spent most of my life in the USA, working hard and trying to make an honest living. But a few months back, I stumbled upon this post about making money with trading and mining bots, and I thought, “Hey, why not give crypto investment a shot?”So, I reached out to this team, and they seemed legit at first. They laid out their terms, and I decided to take the plunge, investing a hefty sum of $23,500.00 with their mining bot. But here’s the kicker – every time I tried to access my funds, they kept hitting me with excuses and asking for more money. Weeks passed, and I realized I’d been played for a fool. I’m not one to give up easily, but I felt pretty hopeless. That’s when a coworker of mine mentioned Tech Cyber Force Recovery. At first, I was skeptical – I mean, who wouldn’t be after getting burned once already? But I was desperate, so I decided to give it a shot. Let me tell you, reaching out to Tech Cyber Force Recovery was the best decision I ever made. From the get-go, they were total pros – honest, transparent, and damn good at what they do. Unlike those scammers who took my money, Tech Cyber Force Recovery laid out their terms clearly and helped me understand every step of the process. But what blew me away was their dedication to getting my money back. They didn’t waste any time – they jumped right into action, using their skills and resources to track down those scammers and reclaim what was rightfully mine. With their guidance, I was able to meet their terms and get back every penny I’d lost. In just a few hours, I went from feeling like a helpless victim to being a triumphant survivor, all thanks to Tech Cyber Force Recovery. These guys are the real deal – if you ever find yourself in a situation like mine, don’t hesitate to contact them. With Tech Cyber Force Recovery on your side, you can fight back against the scammers and take back control of your financial future. Trust me, you won’t regret it.
I was a victim of fake people posing as binary options and bitcoin investors, I lost a sum of $426,000 and 2BTC from my bitcoin wallet to these fakes. it took a while before I realized they were scammers and this hurts me. Then an in law of mine heard about it and recommended me to a specialist with the address – CryptoExpertsRecovery247 gmail com. He helped me recover my lost bitcoins in less than 72hrs and the fakes were caught and made to pay for what they did to me. if you have lost any amount to online scams and you’re seeking to recover them, in fake hackers, online dating scams, BTC wallet hacks, or fake binary investors. Reach out to Mr. Zatt Luke to help you, and you will be so glad you did so, best believe
OUR MOST TRUSTED CRYPTO HELP
Stolen Bitcoins always end up in the wallet of the scammers that stole them, that doesn’t have to be the end of your Bitcoins. In recent times, there has been good reviews on Disqus about a recovery experts called MR BRUCE who is able to recover stolen Cryptocurrencies. We know scam victim on Bit-finance, that thought they had lost all their Bitcoins, and their account was also suspended. But Thanks to MR BRUCE, they were able to recover all their stolen Bitcoins. You can send your request, they provide excellent services.
RECOVERMYLOSS000 art GMAIL dot COM
whatsapp:+1 {747} 361 3622
101 N BRAND BLVD.
11TH FLOOR GLENDALE CALIFORNIA 91203.
I want to publicly thank Seeker Assets Recovery, a professional private investigator and a certified expert in Bitcoin Recovery Services, for their assistance in helping me recover the money I lost to fraud. An online manipulation artist who represented themselves as knowledgeable and experienced in the field of Crypto investments conned my wife and myself. My 88,000 USD worth of funds were put into cryptocurrency. I was left helpless after the fraud tricked us and had to spend hours looking for a Crypto recovery service to get my money back. The specialist I found was Seeker Assets Recovery. I just had to be patient after describing my situation to the expert, and all of my money was returned to my wallet in less than 48 hours. Thank you Seeker Assets Recovery for your excellent assistance in getting my money back. Seeeker Assets Recovery can be reached through various channels like:
Email: info @ seekerassetsrecovery . com
Website: seekerassetsrecovery . com