Since the beginning of 2024, the cryptocurrency market has encountered several significant events, including over 150 incidents resulting in losses of more than $1.5 billion. One of the recent incidents was the attack on Tapioca DAO, which sparked significant debates on the security of funds and data within decentralized autonomous organizations (DAOs).

The Recent Attack on Tapioca DAO

Recently, bad actors targeted Tapioca DAO using social engineering techniques, leading to losses of about $4.5 million. The hackers manipulated Tap token prices, impacting Tapioca DAO. According to CoinMarketCap, Tap token prices fell over 97% in 24 hours. The intraday trading volume grew by 11276% to $13.54 million. Hackers took away $4.4 million in USDC and Ethereum, later swapped into USDT.

Major Hacks of 2024

Among major incidents in 2024 are the hacks on WazirX and targeted platforms like Orbit Chain, Radiant Capital, and others. A significant incident was the $50 million crypto breach of Radiant Capital. Incidents such as the repeated Ronin hack and the $20 million attack on the Indonesian exchange Indodax demonstrate a growth in hacking activities.

The Need for Enhanced Security

The pace of illicit transactions in the crypto market has surpassed its growth rate. This highlights the need for improved security and protection of digital assets. Market experts note that addressing these issues could enhance the reputation of cryptocurrencies.

Hacker attacks on decentralized platforms continue to impact the market negatively, emphasizing the importance of strengthening security measures in the industry. There is a need to bolster the protection of digital assets to build trust and stability.