Hey there lucky ali again and most welcome to my blog. The crypto market has grown rapidly, and we have all witnessed that in the last few years. In addition, the number of hacking and scam cases involving cryptocurrency-related firms has also increased in this industry. In the current year, the crypto funds stolen from the hacking of cryptocurrency platforms have increased by about 21% compared to last year, which is about $2.2 billion.
According to a report by one blockchain analysis firm, this is the 4th consecutive year in which the funds of crypto stolen from hacking of firms exceeded 1B dollars. you know in 2023, there were about 282 cases of hacking of these cryptocurrency firms and these all happened even with the high security. In the current year, this number has increased to 303 and this is not good at all.
This year, the price of BTC crypto, which is the largest crypto in terms of market value and we all know that, has increased by about 140. Along with this, cases of hacking related to the cryptocurrency segment have also increased. Bitcoin crypto has gained a lot after Trump's victory in the United States presidential election and we have seen this. Recently, BTC crypto made a new ATH of more than $ 1,08,000 and this is the highest ever.
Do you know Eric Jardine? he is the Cybercrimes Research Lead at Chainalysis and he said, "As the crypto market has grown, the illegal use of digital assets has also increased. Dealing with such digital crime will be a big challenge for this industry next year and also in the future." The report states that cases of hacking of wallet private keys controlling access to users' crypto funds have increased rapidly.
A few months ago, WazirX (an Indian cryptocurrency exchange), was targeted by hackers,, and till now, users facing the consequences. The Wazirx suffered a loss of more than $230 million worth of cryptocurrencies. After this, the WazirX exchange stopped some services especially the withdrawal for the users. WazirX exchange has more than 16 million users and this makes it a big exchange in India. Hackers stole crypto funds by breaking into a multi-signature wallet of the Wazirx exchange.
To return this fund, the Wazirx exchange offered the hacker about $23 million. This case had an impact on the cryptocurrency market because as I said Indian crypto community is big and this exchange was also popular. This incident raised questions about the strength of security in cryptocurrency exchanges. About $240 million from the Wazirx exchange was suspiciously sent to a new address by hackers, which belonged to the controversial cryptocurrency mixer platform, Tornado Cash.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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