M2 crypto exchange has been hacked for $13M and user funds have already been restored
Cryptocurrency hackers strike again, with over $13 million in cyber theft at yet another crypto exchange.
Centralized crypto exchange (CEX) M2 was hacked with $13.7 million worth of digital assets, the exchange shared in an announcement on October 31, which
“We would like to inform you that the situation has been fully resolved and customers' funds have been refunded. M2 has taken full responsibility for any losses, demonstrating our unwavering commitment to protecting our customers' interests. All services are now fully operational with additional controls in place.”
M2 security event. Source: M2
Hackers managed to steal $13.7 million in Bitcoin (BTC), Ether (ETH) and Solana (SOL) from the exchange's hot wallets, wrote anonymous onchain researcher ZachXBT in a November 1 Telegram post.
The incident occurred four months after a hacker stole more than $230 million from WazirX, the second-largest cryptocurrency exchange ever in 2024.
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Crypto Hacking Rises to $19 Billion in 13 Years: The Biggest Issue of Mass Crypto Adoption?
Hackers and fraud are growing to be the biggest challenge to mass cryptocurrency adoption.
In the 13 years to June 12, 2024, the industry lost nearly $19 billion with 785 reported hacking incidents, according to a Crystal Intelligence report shared with Cointelegraph.
Amount of Crypto Stolen by Hacking and Fraud in 2023/2024. Source: Crystal Intelligence
The largest single crypto theft case was the 2019 Plus Token scam, when attackers made off with $2.9 billion worth of Bitcoin and Ether.
In the past two years, the $290 million security breach on PlayDapp represents the largest single crypto heist in February 2024.
During this same period, the JPX investment scam in Hong Kong operated the largest single crypto fraud scheme, resulting in $194.3 million in stolen crypto.
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Another sign of adoption in 2024 is that crypto hacks may rise in 2023, as the first quarter of 2024 saw $542.7 million in stolen funds, a 42% increase compared to the same period in 2023.
Centralized exchanges remain the biggest target for hackers in terms of total value stolen. In the year The 10 largest decentralized finance (DeFi) hacks in 2023 and 2024 accounted for approximately $579 million in stolen assets.
$3 billion stolen in hacks – why are crypto crimes on the rise? Source: Cointelegraph
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