2024

Clipper

Million

Arata

<p>The cryptocurrency industry has never seen such threats in cybersecurity, as a chain of recent attacks disclosed various concerns in the digital asset brokerage platforms. This week’s report provides several different attacks as a way of bringing greater attention to the threats that remain and the dynamic nature of cyber security in the crypto space.</p>   
<h2 class="wp-block-heading" id="h-dmm-bitcoin-s-collapse-320-million-stolen">DMM Bitcoin’s Collapse: $320 Million Stolen</h2>   
<p>Japan’s leading crypto exchange, <a href="https://coinpedia.org/news/bitcoin-exchange-dmm-shut-down-following-320m-hack-transfers-assets-to-sbi-vc-trade" target="_blank" rel="noreferrer noopener">DMM Bitcoin</a>, suffered a devastating security breach in May 2024, losing 4,500 Bitcoins worth $320 million. The attack forced the exchange to shut down operations in October after receiving an improvement order from Japan’s Financial Services Agency (FSA).</p>   
<p>To address the fallout, DMM Bitcoin’s parent company, DMM.com, provided ¥55 billion to compensate users. Meanwhile, the exchange has started transferring its remaining assets to SBI VC Trade, a process set to be completed by March 2025. </p>   
<p>However, this move comes with restrictions on margin trading and transaction fees, highlighting the challenges of recovery after such a massive loss.</p>   
<h2 class="wp-block-heading" id="h-coins-ph-hacked-a-social-media-breach">Coins.ph Hacked: A Social Media Breach</h2>   
<p>On December 2, the Filipino cryptocurrency exchange Coins.ph fell victim to a social media hack. Cybercriminals hijacked the <a href="https://coinpedia.org/news/coins-ph-social-media-hack-promotes-fake-coinsph-token" target="_blank" rel="noreferrer noopener">exchange’s X (formerly Twitter) account</a>, promoting a fake token called $COINSPH. They used advanced social engineering techniques to trick users into investing.</p>   
<p>The attackers exploited the <a href="https://coinpedia.org/beginners-guide/what-is-solana-blockchain/" target="_blank" rel="noreferrer noopener">Solana network</a>, known for its low transaction fees and fast processing, to build a convincing scam resembling a multi-level marketing scheme. Fortunately, Coins.ph acted quickly, regaining control of its account and removing the fraudulent posts within hours.</p>   [article_inside_subscriber_shortcode title="Never Miss a Beat in the Crypto World!" description="Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more." category_name="News" category_id="6"]   
<h2 class="wp-block-heading" id="h-smaller-breaches-add-to-the-concerns">Smaller Breaches Add to the Concerns</h2>   
<p>Other attacks this week demonstrate the growing threats in the crypto space:</p>   
<ul class="wp-block-list">
  
 <li><strong>Clipper DEX API Flaw:</strong> An API vulnerability put <a href="https://x.com/shoucccc/status/1863105036328615958" target="_blank" rel="noreferrer noopener">$6.5 million at risk</a>, with $500,000 confirmed stolen. Users were urged to withdraw their funds immediately to avoid further losses.</li>   
 <li><strong>Arata Ecosystem:</strong> Hackers breached its centralized exchange (CEX) wallet, stealing a significant number of tokens.</li>   
 <li><strong>DeBox Hack:</strong> A private key leak led to a $275,000 loss, including 31.03 ETH and 4.88 million BOX tokens.</li> 
</ul>   
<h2 class="wp-block-heading" id="h-we-must-secure-our-defenses">We Must Secure Our Defenses </h2>   
<p>These incidents show how attackers exploit various weaknesses, from private key leaks and API flaws to social engineering. To protect against such risks, users and platforms should:</p>   
<ul class="wp-block-list">
  
 <li>Enable multi-factor authentication (MFA).</li>   
 <li>Carefully verify all transactions and communications.</li>   
 <li>Use hardware wallets for safer storage.</li>   
 <li>Stay updated on the latest security threats.</li> 
</ul>   
<p><strong>Each breach tells the same story: in the crypto space, security is everything.</strong></p>

Crypto Weekly Hack Report: Alarming Trends You Should Know

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