Peckshield: Crypto Hackers Stole $360 Million in February

Hacker and Bitcoin

Cryptocurrency hackers stole more than $360 million in February, nearly twice the amount taken in January. According to Peckshield, a cryptocurrency and blockchain security startup, the most significant hack occurrence in February was a security breach at Playdapp, a Web3 gaming platform that lost $290 million four days after being hacked. Fixedfloat, a cryptocurrency exchange, also suffered a $25.85 million loss due to another breach.

Attacks Resulted In Losses Above $360 Million In February

February was an extremely rewarding month for cryptocurrency hackers. A cryptocurrency and blockchain security and auditing company called Peckshield reports that in 21 incidents in February, hackers stole $360.83 million, nearly twice as much as they did in January.

According to Peckshield, Playdapp, a cryptocurrency gaming company, suffered the worst assault in January when a security breach cost them millions of PLA cryptocurrency. Using an unapproved wallet, the attacker first created approximately $30 million worth of this money. This made security researchers think that the situation could have started with a private key leak.

MoM Increase

#PeckShieldAlert Hackers stole ~$360.83m across over 21 attacks in February 2024, marking a MoM increase of 97.6% compared to January 2024. Additionally, ~1.8% of the stolen funds have been returned, totaling ~$6.7 million

— PeckShieldAlert (@PeckShieldAlert) March 1, 2024

However, the flaw later made it possible for the attacker to create approximately 1.59 billion PLA tokens, which are valued at $253.9 million. As a result, the gambling platform lost more than $290 million.

Failed Bounty Offer

Playdapp attempted to reach its goal of reaching the attacking party with a message promising a $1 million bounty in exchange for returning the monies that were taken, but it was unsuccessful. Later, the money was sent through several channels.

Another hack that rendered Fixedfloat’s platform inoperable cost the quick no-KYC cryptocurrency exchange almost $26 million in bitcoin and ether. Although it has been silent on the attack, the exchange recently said that it is willing to discuss the incident with media and emphasized that it is prepared for a “open dialogue and cooperation in order to avoid publications with false information.”

Moved to a Mixer

Jeff “Jihoz” Zirlin, a co-founder of the bitcoin play-to-earn game Axie Infinity, was the target of the third-largest attack.He lost ether from his accounts that was valued at around $10 million. Later, the funds were connected to transactions on Tornado Cash, a platform for mixing tokens that obscures the source and destination of the tokens traded.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.