The recent increase in Ethereum's price to $4,780 has attracted the attention of cybercriminals looking to profit from stolen assets. Analytics data indicates that at least three significant cyber intrusions have been documented, raising questions about security in the crypto world.
How Did the Attacks Unfold?
In October, Radiant Capital's protocol was attacked, leading to a loss of about $53 million. This attack is attributed to a group linked to North Korea that successfully converted a large share of stolen assets into 21,957 ETH. Following a recent liquidation, they secured $44 million in stable cryptocurrencies from 9,631 ETH.
Radiant Capital has raised alarms regarding the severe implications of this breach.
The attackers retain 12,326 ETH and a mix of stable cryptocurrencies collectively valued at approximately $48.3 million, indicating the ongoing menace of cyber threats.
Who Was Behind the March Attacks?
In March, the platforms THORChain and Chainflip were attacked by unidentified intruders who stole 17,412 ETH. They subsequently converted the loot into stable cryptocurrencies worth $33.9 million. Later, the attackers reentered the market and executed a transaction involving 4,957 ETH in June, yielding a profit margin of $9.76 million.
The extensive nature of these exploits over the last 18 months could result in losses hitting billions by 2024 and early 2025.
Required Security Measures
Security professionals warn that both users and crypto platforms need to adopt more robust protection strategies. While increases in ETH values result in higher gains for perpetrators, they also enable tracking of these illicit activities. However, converting and moving assets adds layers of complexity to identifying malicious actors.
Recent attacks highlight vulnerabilities in DeFi platforms.
Collaboration among authorities is crucial to enhancing security.
The need for tighter security protocols and heightened awareness among investors remains urgent. Authorities and stakeholders must join forces to safeguard investor assets and maintain market integrity.