Losses to Crypto Scams, Exploits, and Hacks Totaled $1.53 Billion in February
Largest Crypto Hack Ever: Bybit’s $1.4 Billion Loss
Losses to crypto scams, exploits, and hacks totaled nearly $1.53 billion in February, with the $1.4 billion Bybit hack accounting for the lion’s share of losses, said blockchain security firm CertiK. The Feb. 21 attack on Bybit by North Korea’s Lazarus Group was the largest crypto hack ever, more than doubling the $650 million Ronin bridge hack in March 2022, which was also conducted by Lazarus.
February’s Lost Crypto Amount: A 1,500% Jump from January’s $98 Million
February’s lost crypto amount is a nearly 1,500% jump from the $98 million recorded by CertiK in January. However, excluding Bybit’s losses, the remaining crypto losses last month totaled over $126 million, still a 28.5% jump.
Top Losses in February
Bybit had the largest loss in February, followed by stablecoin payment firm Infini and then the decentralized money lending protocol ZkLend. Bybit said that the attackers took control of a storage wallet. The FBI later confirmed industry reports that North Korea was behind the attack and had started to convert the stolen crypto and disperse it "across thousands of addresses on multiple blockchains."
Infini Hack: A Major Vulnerability
The second most significant incident of the month was the Feb. 24 hack on stablecoin payment firm Infini that stole $49 million. CertiK reported that a key wallet used in the attack had previously been involved in developing Infini contracts and had retained admin rights used to redeem all Vault tokens.
"The exploit highlights a major vulnerability, demonstrating how admin privileges can become a single point of failure," CertiK’s report reads. "One fundamental aspect of blockchain security is understanding how to protect your private keys."
ZkLend’s $10 Million Loss
Decentralized money lending protocol ZkLend suffered the third-largest exploit for February, when it lost $10 million to hackers on Feb. 12.
Top Categories for Losses in February
According to CertiK, the top category for losses in February was wallet compromises, followed by code vulnerabilities, which resulted in $20 million in losses, and then phishing, which saw hackers steal $1.8 million.
Conclusion
Losses to crypto scams, exploits, and hacks have been rising steadily in recent months. February’s total loss of $1.53 billion is a stark reminder of the importance of blockchain security and the need for vigilance in protecting against cyber threats.
FAQs
- What was the largest crypto hack ever?
The Feb. 21 attack on Bybit by North Korea’s Lazarus Group, which resulted in a loss of $1.4 billion. - What was the second most significant incident of the month?
The Feb. 24 hack on stablecoin payment firm Infini, which stole $49 million. - What was the third-largest exploit for February?
Decentralized money lending protocol ZkLend’s $10 million loss to hackers on Feb. 12. - What was the top category for losses in February?
Wallet compromises, followed by code vulnerabilities and phishing.
