Cryptocurrency Detective ZachXBT Issued a Serious Warning!

Krypto para Cryptocurrency traders in Western Europe have experienced a sharp increase in offline robberies in recent months, researcher ZachXBT has warned.

These attacks, which have also spread to Hong Kong and Singapore, specifically target well-known names in the crypto community, and victims are threatened at gunpoint. The rise in violent crimes comes as the crypto space continues to face security threats both offline and online.

Physical Robberies Increased in the Cryptocurrency Industry, But Hacking Incidents Are Decreasing

However, while physical robberies have increased, the overall financial impact from cryptocurrency-related hacks and scams has decreased. Data from Immunefi, a Web3 bug bounty platform, reveals that losses from hacks decreased by 38% in the third quarter of 2024 compared to the same period in 2023. Fraud-related losses saw an even sharper drop of 86%.

According to Immunefi’s latest report, a total of $410 million was lost due to hacks in 31 incidents in the 3rd quarter of 2024, while another $3 million was lost due to fraud in three incidents. Despite the decline in overall losses, the scale of individual incidents remains alarming. While India’s leading cryptocurrency exchange WazirX suffered the biggest attack with a loss of over $230 million, Singapore-based exchange BingX lost $52 million in another major attack.

Mitchell Amador, Founder and CEO of Immunefi, emphasized that the tendency of hackers to target decentralized finance (DeFi) platforms is increasing, and that centralized finance (CeFi) exchanges face more serious consequences, although they experience fewer cases. “The biggest infrastructure problem in CeFi is private key management,” said Amador, adding that meticulous security practices are needed.

The report noted that approximately $15 million was recovered from stolen funds in the 3rd quarter of 2024, representing approximately 4% of the total losses. This recovery rate is lower than previous periods, when up to 9% of stolen funds were recovered. In addition, the number of successful attacks decreased by 54% this quarter, with 34 incidents reported.

Ethereum (ETH) projects were the most frequently targeted cryptocurrency projects with 15 attacks, followed by Binance’s BNB Chain with eight attacks and Coinbase’s Base protocol with two incidents.

While the Web3 space continues to attract approximately $90 billion in capital, it remains a prime target for hackers.

*This is not investment advice.