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Data reveals that hackers pilfered more than $100 million in 20 attacks during February

Cybercriminals stole more than $104 million worth of cryptocurrency in February, reflecting a 42% decrease from the previous month.

According to data compiled by PeckShield, there were 20 successful cyber attacks on decentralized protocols in February. The most significant breach occurred at PlayDapp, resulting in a staggering loss of $36 million worth of cryptocurrency.

#PeckShieldAlert Hackers stole approximately $104.73 million across over 20 attacks in February 2024, marking a month-over-month decrease of 42% compared to January 2024. Additionally, around 6.4% of the stolen funds have been returned, totaling approximately $6.7 million

— PeckShieldAlert (@PeckShieldAlert) March 1, 2024

Following closely behind, the cryptocurrency trading platform FixedFloat suffered significant losses totaling $25.8 million. Additionally, Ronin and Axie Infinity co-founder Jeff “Jihoz” Zirlin experienced the third-largest incident of the month, losing $9.7 million. PeckShield also reported that approximately 6.5% of the stolen funds, equivalent to $6.7 million, have been returned to victims.

Data suggests that hackers often transfer stolen cryptocurrency to the sanctioned crypto mixer Tornado Cash, the exchange protocol eXch, and the Bitcoin blockchain. Despite the elusive nature of criminal activities in February, with many victims opting not to report such incidents, the latest statistics point to an increase compared to February 2023. During that period, the market suffered losses of $30.6 million due to hacker attacks, as reported by DefiLlama data.

This surge in cybercrime highlights the importance of robust cybersecurity measures within the cryptocurrency industry. Companies and individuals must remain vigilant and take proactive steps to safeguard their digital assets from malicious actors.

Moreover, the rise of decentralized finance (DeFi) platforms has introduced new challenges for security experts. The inherent nature of DeFi protocols, which operate autonomously without traditional intermediaries, poses both opportunities and risks for users. As the DeFi sector continues to grow, it becomes increasingly crucial to address vulnerabilities and strengthen security mechanisms to protect against potential threats.

It’s important for users to exercise caution when interacting with decentralized platforms and to conduct thorough due diligence before investing or participating in cryptocurrency transactions. By staying informed and adopting best practices in cybersecurity, individuals can mitigate the risk of falling victim to cyber attacks and safeguard their digital assets effectively.

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