A recent on-chain investigation has revealed a major hack in the cryptocurrency space, with a hacker managing to steal a staggering $29 million worth of the Solana rival Sui (SUI) from a single victim. The incident, which took place on December 12th, was uncovered by on-chain sleuth ZachXBT.
According to ZachXBT, the stolen funds were transferred from Sui to Ethereum using Bridgers and then deposited in batches to Tornado Cash, an Ethereum-based coin mixing system that allows users to conceal their digital assets. The victim quickly transferred their .sui domains to a new, uncompromised address following the theft. However, the complexities of Sui block explorers and analytics tools have made it challenging to trace the stolen funds.
This hack comes amidst a significant increase in losses from crypto hacks and scams in 2024, as reported by the blockchain security firm PeckShield. The total value loss in the crypto sector last year exceeded $3.01 billion, marking a 15% rise from the previous year. Of this amount, $2.15 billion was stolen in hacks, $834.5 million was looted in scams, and $488.5 million worth of crypto was recovered.
Despite the surge in digital asset losses, 2024 still fell short of the record losses seen in 2022, which totaled $3.6 billion. The rise in crypto-related thefts underscores the need for enhanced security measures within the industry to protect investors and users from malicious actors.
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Remember, the security of your digital assets is paramount in the world of cryptocurrency. Stay informed, stay safe, and stay ahead of potential threats in the crypto space.