The world of cryptocurrency has been rocked by a series of recent security breaches, resulting in significant financial losses. SlowMist, a reputable blockchain security platform, revealed that over $8.8 million was lost in various security incidents throughout the week. The platform shared detailed information about these events on its official X account.
The latest “SlowMist Weekly Security Report” from June 3 to June 9, 2024, highlighted the staggering losses incurred by multiple entities. Loopring suffered a $5 million loss due to a security vulnerability that compromised its Smart Wallets. Gemholic, on the other hand, lost $3.4 million in a rug pull incident, where the project abruptly disappeared, leaving investors in the lurch.
The security firm’s report showcased five major security incidents during the specified period, involving Loopring, Gemholic, TLN Protocol, SteamSwap, and NCD. All of these exploits resulted in substantial financial losses for the affected parties. In the case of Loopring, an exploiter capitalized on a security flaw within the platform to siphon off $5 million in assets from unsuspecting investors. Meanwhile, Gemholic vanished after shifting investor funds, resulting in a massive loss of nearly $3.4 million.
Three of the incidents were attributed to contract vulnerabilities, with TLN Protocol falling victim to an attacker who exploited a contract flaw to steal around $280,000 on BNBChain. SteamSwap also suffered losses of approximately $105,000 due to a contract vulnerability. Lastly, NCD was targeted in an attack that resulted in losses of nearly $20,000 on BNBChain.