Crypto Hack Weekly Report: Major Hacks and Market Manipulations Unveiled

The post Crypto Hack Weekly Report: Major Hacks and Market Manipulations Unveiled appeared first on Coinpedia Fintech News

This week’s guide to the most stealing moments in the realm of cryptos and hacks. Some of the main events covered in this report include Lazarus Group’s latest laundering, a hack of Gala Games , and arrest of Incognito lord. These cases show how the crypto industry continues to experience threats and risks, such as hacking, increased regulation and manipulation of the market. 

Lazarus Group transfers $147.5 million of stolen crypto to North Korea through Tornado Cash 

In the information recently revealed by the United Nations, one of North Korea’s cybercrime groups, the Lazarus Group, moved $147. 5 million worth of stolen cryptocurrency to North Korea through the Tornado Cash, a crypto mixer that was sanctioned in the year 2021. 

The Lazarus Group, noted for a heist of multimillion from the Crypto exchange HTX in March 2023, sent the loot through Tornado Cash, which was held for facilitating money laundering despite the anonymity. 

In the UN report, 97 cyberattacks involving North Korea aimed at cryto enterprises between 2017 and 2024 were detected,\ and $3+ billion worth of funds were stolen. 

Gala Games Suffers a $200 Million Hack

On May 20, 2024, Gala Games was attacked and the attackers managed to mint 5 billion $GALA tokens without authorization. In the beginning, the loss was assumed to be $200 million, while the value translated into Ethereum (ETH) before Gala Games stepped in was $21 million. 

An attacker with administrative access to a wallet on the Gala Games’ smart contract minted 5 billion $GALA tokens. This, however, was prevented by timely intervention by Gala Games which saw the company lose only $21 million. 

This hack led to a sharp decline in the market capitalization of the GALA token: having started at $0. 048 to $0. 0388, although the price later recovered to $0. 042. 

The hacker further sent back 5950 ETH, value of about $ 22. 75 million. As for the Burn Program, Gala Games wants to employ the returned ETH to acquire $GALA tokens and burn them to restore the token’s steadiness. 

Kingpin of $100M ‘Incognito Market’ Dark Web Drug Empire Arrested 

The man identified as Rui-Siang Lin who is the administrator of ‘Incognito Market,’ a black market for narcotics was apprehended by federal agents at the John F. Kennedy International Airport on May 18. 

Lin has been left to face life imprisonment after being convicted on several charges after he pleaded guilty. The latter was the leader of Incognito Market which worked from October 2020 to March 2024. It enabled the sale of the prohibited substance of drugs, earning the person several tens of millions of dollars. 

Thats all for this week crypto hack round up. Stay tuned as we bring more news next week!

Also Check Out: Crypto Hack Report Q1 2024: Trends, Losses, and Recovery Efforts