2024

when

Security

WazirX

The post <a href="https://coinpedia.org/news/crypto-weekly-hack-report-from-1-2m-loss-to-230m-heist-the-weeks-biggest-crypto-security-failures/">Crypto Weekly Hack Report: From $1.2M Loss to $230M Heist – The Week’s Biggest Crypto Security Failures</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The crypto market, which was represented innovation and financial freedom, is now filling everyone with doubt. Recent weeks have been a rollercoaster of highs and lows, with a series of high-profile hacks and security breaches wreaking havoc on the ecosystem. 
From the loss of millions to the breakdown of investor trust, these attacks have exposed all the vulnerabilities of the crypto world. Here’s more that you should know about. 
<h2 class="wp-block-heading" id="h-vow-s-1-2-million-loss">Vow’s $1.2 Million Loss</h2> 
On August 12, 2024, Vow experienced a serious security incident when attackers exploited a weakness in its smart contract, resulting in a loss of about $1.2 million. This incident demonstrates the dangers of having flaws in contracts, especially for projects that manage substantial funds. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Subject: Update on Recent Market Incident and Ongoing Efforts Dear Community, We want to clarify the recent incident that has occurred while our team was testing the USD rate setter function of the v$ contract in order to mint v$ for the new lending pool and oracle functions.…— Vow (@Vowcurrency) <a href="https://twitter.com/Vowcurrency/status/1823407231658025300?ref_src=twsrc%5Etfw">August 13, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-ivest-dao-another-smart-contract-breach">iVest DAO: Another Smart Contract Breach</h2> 
This week, iVest DAO also reported a security breach. A flaw in one of its smart contracts allowed attackers to steal around $172,000. This breach highlights ongoing issues with smart contract security. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">SlowMist Security Alert<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> We detected potential suspicious activity related to <a href="https://twitter.com/Official_iVest?ref_src=twsrc%5Etfw">@Official_iVest</a> As always, stay vigilant!<a href="https://t.co/ylWiQWnwwO">https://t.co/ylWiQWnwwO</a> <a href="https://t.co/REXDD3zH4R">pic.twitter.com/REXDD3zH4R</a>— SlowMist (@SlowMist_Team) <a href="https://twitter.com/SlowMist_Team/status/1822888837670113330?ref_src=twsrc%5Etfw">August 12, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-wazirx-hack-key-updates">WazirX Hack: Key Updates</h2> 
The <a href="https://app.coinpedia.org/company/wazirxindia" target="_blank" class="profile-details">wazirx</a> <img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10122626/info_icon.svg" alt="information" class="info-icons"> <a href="https://app.coinpedia.org/company/wazirxindia" target="_blank"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/09190601/link.svg" alt="link"></a> <a href="http://www.wazirx.com/" target="_blank" rel="nofollow noopener"> <img decoding="async" src="https://image.coinpedia.org/app_uploads/profile/1658301823523ewx7atj6re.png" class="company_logo_img" alt="profile company logo" title="profile company logo"></a> wazirx Centralised ExchangeCrypto trading and Information <a href="http://www.wazirx.com/" target="_blank" rel="nofollow noopener"><img decoding="async" src="https://image.coinpedia.org/wp-content/uploads/2022/11/10161442/globe.svg" alt="globe icon" title="globe icon"></a> exchange, which recently experienced a devastating hack involving the <a href="https://coinpedia.org/news/breaking-indian-crypto-exchange-wazirx-hacked-for-235m-are-your-funds-safu/" target="_blank" rel="noreferrer noopener">theft of $230 million</a>, has provided important updates: 
Asset Migration: <a href="https://coinpedia.org/crypto-live-news/wazirx-transfers-crypto-assets-to-new-multisig-wallets-to-raise-defence">WazirX</a> is moving its remaining crypto assets to new multi-signature wallets provided by Liminal. This precaution aims to enhance security and prevent future attacks. 
Restoration Efforts: After routine maintenance, WazirX has restored account balances and reversed trades that were affected by the halt of withdrawals on July 18, 2024. This action corrects inconsistencies and prevents fraudulent activity. 
As cyber-attacks grow more sophisticated, the cryptocurrency industry must strengthen its security measures to protect digital assets and maintain trust within the community. Stay tuned for our weekly hack report to keep up with the latest news on crypto security. 
Also Read: <a href="https://coinpedia.org/news/crypto-hack-alert-north-korean-devs-behind-1-3m-crypto-theft-from-over-25-projects/" target="_blank" rel="noreferrer noopener">Crypto Hack Alert: North Korean Devs Behind $1.3M Crypto Theft from Over 25 Projects</a> 
Are you confident in the security of your crypto investments? Share your experiences and concerns.

Crypto Weekly Hack Report: From $1.2M Loss to $230M Heist – The Week’s Biggest Crypto Security Failures

Table of Contents

CoinPedia News

Other articles published on Aug 17, 2024

3 Crypto Losers Of The Week: Dogwifhat, Brett & PEPE Price Down

Franklin Templeton seeks approval for ‘EZPZ’ crypto index ETF tracking Ethereum and Bitcoin

Nasdaq and BlackRock Propose Options for Spot Ethereum ETF: SEC Decision Expected by April 2025

Social Tokens: Empowering Communities and Creators

Pawfury’s Potential to Surpass Ripple (XRP) and Cardano (ADA) in the 2024 Crypto Investment Arena

Expert Says RCO Finance Will Yield More Profits than TON and SOL in the Long Run

Join our free newsletter for daily crypto updates!