Weekly Crypto Hack Report: $30 Million Stolen in Just 7 Days!
Sohrab Khawas18 Nov 20242 min read
The cryptocurrency market has once again been rocked by a series of alarming attacks, proving that even the most innovative technologies are not safe. Over the past week, hackers targeted DeFi platforms, smart contracts, and even social media accounts tied to prominent projects, exposing weaknesses across the ecosystem. The financial toll has been huge, with losses exceeding $30 million.
But it’s not just about the money. These breaches are becoming more sophisticated. They serve as a wake-up call for the industry to strengthen its defenses as it continues to grow.
What went wrong this week? Which platforms were affected, and how are they responding?
Keep reading as we break down the biggest crypto hacks of the week and explore their implications for the future of the market.
1. Giggle Academy’s X Account Breach
Giggle Academy’s X (formerly Twitter) account was hacked, a breach confirmed by Binance CEO Changpeng Zhao (CZ). Hackers used the account to spread phishing links and post fake news, including false claims about a “new CEO.”
CZ urged users to avoid interacting with the account until it was secured. Known for its innovative, game-based learning tools, Giggle Academy suffered reputational harm, although no direct financial losses were reported.
2. Dogwifcoin (WIF) Social Sites Hacking
On November 15, 2024, hackers took over the X account of meme token Dogwifcoin (WIF). They shared phishing links that mimicked genuine token contracts, attempting to lure users into scams.
While no funds were reported stolen, the incident highlighted the need for stricter security measures to protect social media accounts, which are often a gateway for scammers in the crypto world.
3. Thala Exploited for $25.5 Million in DeFi Attack
DeFi platform Thala, operating on the Aptos blockchain, lost $25.5 million after attackers exploited flaws in its v1 farming contracts. By manipulating the protocol, hackers drained liquidity pool tokens, causing significant losses.
In response, Thala froze several affected contracts and announced a $300,000 bounty for the return of stolen assets. The freeze impacted MOD tokens worth $9 million and THL tokens worth $2.5 million, rendering them temporarily unusable.
4. DeltaPrime Protocol Breach
On November 11, 2024, DeltaPrime, a DeFi protocol on Avalanche and Arbitrum, suffered a $4.75 million hack. Attackers exploited weaknesses in the platform’s lending process to withdraw funds far exceeding collateral limits.
This exploit drained liquidity from multiple pools across the network. To contain the damage, DeltaPrime’s team immediately suspended the protocol and began investigating the breach.
It’s a Scary Space!
This week’s chaos is a stark warning: security must keep pace with progress. While hackers evolve their strategies, the question remains—how will the crypto space fight back?
That’s all for this week. Stay tuned to Coinpedia for the next report soon!
