10 Crypto Hacking Throughout 2024: Evidence Of Vulnerable Digital Security System

JAKARTA - The crypto market is quite worried in early 2024 with the occurrence of a series of hacks that befell various major crypto platforms. The hacking of the Orbit Chain on January 2 became the opening of this fluctuating year. Then followed by the Radiant Capital incident a day later.

The incident of hacking crypto companies warns of the importance of a security system, if the system is still vulnerable then the crypto world will be an easy target for hackers. With total losses reaching hundreds of billions of rupiah throughout the year, the industry is again faced with major challenges in strengthening its security system.

Here's a list of major hacks that occurred throughout 2024:

MetaWin suffered a loss of USD 4 million (IDR 63.2 billion) for being hacked by hackers. This online casino platform was hacked through a loophole in its automatic recall system. Withdrawals were stopped, but MetaWin CEO reported 95% customer funds had been restored.

This crypto trading company suffered a loss of USD 13.7 million (IDR 216.46 billion). The hundreds of billions of funds disappeared due to the company's crypto wallet (hot wallet) hack. However, the company compensates for all the losses of users who lost their assets.

Hackers stole Ethereum and stablecoins from a US government wallet that previously contained assets confiscated from the 2016 Bitfinex hack. Funds of 20 million US Dollars (Rp. 316 billion) had to be stolen by hackers.

This cross-chain loan platform experienced two major hacking incidents through a flash loan attack on the Arbitrum network (USD 58 million) and an initial year's exploitation of USD 4.5 million. Radiant Capital's total loss of USD 62.5 million (IDR 987.5 billion).

This crypto exchange has become a victim of hacking and has lost various crypto assets such as Ethereum (ETH) and Binance Coin (BNB). From these hackers, assets of ETH and BNB worth 43 million US dollars (Rp679.4 billion) disappeared.

The leading crypto exchange in Indonesia was hit by an attack on September 11. According to blockchain security reports, hackers attacked the Indodax hot wallet. As a result, the crypto exchange had to lose various crypto assets worth US$22 million (Rp347.6 billion).

India's largest exchange faced heavy losses after hackers accessed their multi-signature wallet or wallet multisig. Funds in the form of crypto assets worth US$234.9 million (Rp3.7 trillion) disappeared from WazirX.

The decentralized financial platform or DeFi due to hackers managed to take advantage of the crypto wallet security loophole on July 16. Hackers managed to attract user funds with unlimited approval. As a result, 10 million US dollars worth of crypto assets (Rp158 billion) were stolen by hackers.

This blockchain-based gaming platform is a victim of multiple hacking, with one of the biggest losses so far this year. How not, PlayDapp was forced to suffer a loss of 290 million US dollars, aka IDR 4.58 trillion due to hacking.

A major incident occurred in early 2024. Hackers managed to enter a weakness in the Orbit Chain network which managed to steal US$80 million (Rp1.26 trillion) crypto on January 2, 2024.

This series of hacks shows how vulnerable the crypto industry is if it is not accompanied by increased security and surveillance systems in this industry. Therefore, proactive steps from platforms, developers, and regulators are crucial to protect users from the growing threat of hacking.