30s Summary
M2, a digital coin exchange, lost $13.7m in a cyber raid, with hackers extracting Bitcoin, Ether, and Solana. This incident followed a similar one at Indian exchange WazirX four months prior, which cost $230m. Such breaches have led to scams and theft worth $19bn over the past 13 years, deterring potential participants from the crypto market. However, most exchanges, including M2, assure to compensate customers for their losses. Only three months into 2024, $542.7m in digital currency has been stolen. If this trend continues, 2024 could surpass 2023 in total value stolen.
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Oh man, the crypto bandits have struck again pulling a whopping $13 million heist from another digital money swap shop.
A digital coin exchange known as M2 has confirmed it was the latest victim of a cyber raid. Hackers managed to pilfer $13.7 million worth of digital currency. But, fear not, M2 ensured all their clients that they’d be covering the losses. So all is good folks, you’re not out of pocket.
The financial felons pulled off the heist by siphoning off Bitcoin, Ether and Solana from the exchange’s accessible online wallets, which were apparently a tad too accessible.
This recent hack comes only four months after a similar incident, where a miscreant made off with over $230 million from an Indian exchange called WazirX. It’s starting to feel like the wild west here!
Sadly, this sort of thing is becoming a big issue in the digital currency world. We’ve seen crypto scams and theft rise to an eye-watering $19 billion over the last 13 years. This, unsurprisingly, is putting off a lot of folks from joining the crypto revolution.
One of the most notorious cases was back in 2019 when the Plus Token scam siphoned off a record $2.9 billion worth of Bitcoin and Ether. More recently, we saw the PlayDapp security snafu in 2024, costing the gaming platform $290 million in digital coins.
The good news is that most of these digital exchanges are good for their word when it comes to compensating their customers. It’s just a bummer for them!
As much as we love the potential of crypto, hacks and scams are a real problem. In the first few months of 2024, we’ve already seen the theft of $542.7 million worth of digital dough. If this keeps up, 2024 is on track to top 2023 for total value of stolen funds.
We need to remember though, losses from cyber robberies aren’t a guaranteed ticket to financial ruin. The major exchanges like M2 are stepping up to cover their client’s losses. Still you might want to be a bit more cautious with your crypto coins. Safe swaps everybody!