Nearly $19 billion worth of digital assets have been lost to exploits in the past 13 years, with $2.9 billion stolen in the largest single crypto theft.
The cryptocurrency industry suffered 785 reported hacks and exploits in the past 13 years.
According to a Crystal Intelligence report, nearly $19 billion worth of digital assets were stolen since June 19, 2011, when the first known crypto hack was reported.
The largest single crypto theft case remains the 2019 Plus Token fraud when attackers netted $2.9 billion worth of Bitcoin (BTC) and Ether (ETH). In February 2024, the $290 million security breach on PlayDapp represented the largest single crypto heist in the past two years.
Michael Egorov, founder of DeFi protocol Curve Finance, claims to have repaid 93% of $10 million in bad debt from the protocol’s soft liquidation triggered earlier in the day.
On June 13, Curve Finance’s soft liquidation mechanism successfully managed a real-world test during a recent hacking attempt, but its native CRV token price plunged by over 28% amid the chaos. According to blockchain analytics firm Arkham Intelligence, Egorov himself faced $140 million in liquidations due to “borrowing $95.7M in stablecoins (mostly crvUSD) against $141M in CRV across five accounts on five protocols.”
Chris Amani, CEO of Terraform Labs, has announced that the firm will cease operations following a $4.47 billion settlement with the U.S. SEC.
The company plans to sell key projects within the Terra ecosystem and give the community control of the Terra blockchain. Terraform Lab’s decision to dissolve follows its $4.47 billion settlement with the SEC regarding the historic collapse of the algorithmic stablecoin TerraUSD (UST) in 2022. The settlement includes a substantial $3.58 billion disgorgement — giving up profits obtained illegally or unethically — and a civil penalty of $420 million.
The Solana Foundation has removed a group of validator operators from its delegation program due to their involvement in sandwich attacks on traders.
In a sandwich attack, a malicious trader searches the network for a pending transaction and places one order before and another after it to manipulate the asset’s price and profit from the difference.
Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bearish week, with most trading in the red on the weekly charts. The total value locked in DeFi protocols reached $101 billion.
