Breaking Down the State of Hacking in 2024

Hacks are on the rise in 2024 and it's only February. Welcome to this special hack edition of Coin Desk Daily. I'm your host, Jen Sei Hacks are on the rise in 2024 and it's only February according to Immune, more than 100 and $26 million was lost due to hacks in the month of January alone. This is a six times increase from January 2023 and almost a three time increase since December of last year in their crypto losses in January report. Immune said that while DFI was the main target for exploits, C I didn't see a single major attack coming in on top with the largest hack so far this year is Orbit Chain. The South Korean chain lost $81 million after hackers exploited the platform's cross chain bridge. The project confirmed the hack in a post on X saying that a hacker funded a wallet using tornado cash before attacking Orbit Chain's Ethereum vault proceeds of the hack were then sent to numerous Ethereum wallets at the time. Orbit Chain said the funds were quote unmoved and gamey confirmed late last month that its Gmee token contracts on Polygon suffered an exploit that saw 600 million tokens stolen. The exploiter then converted those tokens into E and Matic. In a post on X. The project said quote, the exploit affected proprietary team token reserves only and no community owned assets have been exploited. Gy does not custody or manage any community owned assets. End quote and coins paid a crypto payment service provider was hacked and roughly $7.5 million worth of crypto was stolen. This was the second security breach it experienced in six months. According to web three security firm Cyber, that's it for coin desk daily. Get more updates on coindesk.com and we'll see you next time.