February 2024 Records: The Crypto Market Loses $360.83 Million To Hackers

March 3, 2024 Gideon Geoffery

According to reports from Peckshield, the crypto market saw many cyberattacks in February that led to a $360.8 million loss. The cybersecurity firm stated that of these attacks, 21 were more notable.

Crypto Market is yet to Recover Funds

For February 2024, this number had a rather concerning monthly percentage of 97.6 over January’s 2024’s figure, sending a wake-up call to everyone in the digital field.

According to the accompanying chart, more than 80% of the funds, crypto projects lost were from one hack, PlayDapp. Initially, an unapproved wallet generated 200 million PLA tokens, with an estimated worth of $36.5 million at that time.

Following threats from Play’s admin to involve the FBI, the threat actors dared them to. They produced a substantial 1.59 billion PLA tokens, assessed at $253.9 million according to token valuation, bringing the cumulative figure to $290.4 million.

Following Playdapp, FixedFloat officially verified that it was subjected to an attack on February 18, acknowledging the incident several hours after initial reports emerged on X (previously known as Twitter). According to on-chain data, the decentralized cryptocurrency incurred losses amounting to at least $26 million in Bitcoin and Ether as a result of the exploit.

After all the losses, there was no strong effort from law enforcement to recover the stolen. A strong indication of this is that of the $360 million loss, they only recovered $6.7 million. Additionally, they failed to identify the threat actors. No hacking group also came to take responsibility for the attacks.

As well as the Lush cybersecurity incident and disruption to LockBit UK by the NCA, the “British Library cyber battle” demonstrates the breadth and level of sophistic