In recent days, the cryptocurrency world has been rocked by a series of significant security breaches resulting in staggering financial losses. SlowMist, a reputable blockchain security platform, has unveiled alarming statistics, revealing that targeted entities collectively lost over $8.8 million within the span of a week. The platform has released detailed insights into these incidents via its official X account
🚨 SlowMist Weekly Security Report
(June 3 – June 9, 2024) 🚨Total Losses: Over $8.8M😱
Incident Highlights:
1. Loopring: $5M lost due to a security vulnerability that compromised the Loopring Smart Wallets. ⚠️
2. Gemholic: $3.4M lost in a rug pull, where the project…— SlowMist (@SlowMist_Team) June 10, 2024
SlowMist’s Weekly Security Report Unveils 5 Significant Incidents
In its latest update, SlowMist has released its “Weekly Security Report” covering the period from June 3rd to June 9th. According to the report, a total of five security breaches occurred during this time frame, each causing substantial financial harm to the affected entities. Among the notable incidents highlighted were breaches impacting Loopring, Gemholic, TLN Protocol, SteamSwap, and NCD.
Loopring Exploit: Targeting Smart Wallets
One of the prominent breaches involved Loopring, where a security vulnerability within the platform was exploited by malicious actors. Exploiting this loophole, attackers successfully targeted Loopring Smart Wallets, resulting in the misappropriation of assets valued at up to $5 million.
Gemholic Disappearance: Rug Pull Event
Gemholic experienced a sudden disappearance after purportedly redirecting investors’ funds, leading to losses amounting to nearly $3.4 million. This incident, categorized as a “rug pull” event, underscores the vulnerability of investors to fraudulent activities within the crypto space.
Contract Vulnerabilities: A Common Thread in Three Incidents
Three of the security breaches identified by SlowMist were attributed to vulnerabilities within smart contracts. TLN Protocol fell victim to an exploitative attack after an attacker capitalized on a contract vulnerability, resulting in losses exceeding $280,000 on BNBChain.
Similarly, SteamSwap suffered a breach due to a contract vulnerability, leading to financial losses totalling $105,000 on BNBChain. The fifth incident involved an attack on NCD, where a contract vulnerability culminated in losses approaching $20,000 on BNBChain.