The post Crypto Hack Alert: $640 Million Lost in Centralized Exchange Attacks appeared first on Coinpedia Fintech News
It was surely seen that cryptocurrency scams and hacks have risen to new peaks in the year 2024. Over $1.2 billion worth of crypto has been stolen from different blockchain platforms and centralized exchanges. Research by Rekt database shows control exploitation and phishing as the two dominant forms of attack indicating how these attacks are commonly targeted and executed.
Centralized Exchanges: The Prime Target
As might be expected, most targeted were centralized exchanges (CEXs) which are not blockchains themselves, but represented 50.13% of total losses and $640 million in the process. Most shows working in this industry rely on blockchain for validation of transactions making them a preferred subject for hackers.
This year’s biggest revealed hack occurred at Japan’s DMM Bitcoin exchange to which the hackers got away with $300 million. This att
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