Crypto Hacks Worth $14 Million Rock July: Are You Protected?

• Two Canadian teenagers were charged for stealing $4.2 million worth of cryptocurrencies from an American citizen.
• Cross-chain bridge Poly Network suffered a hack worth $5-$10 million on July 2nd.
• Scammers frequently imitate Coinbase staff to gain unauthorized access to victim’s accounts.

Crypto Hacks in July Worth Up To $14 Million

July has only just begun and yet the crypto industry has already seen two major hacks, both worth between $10-$15 million.

Canadian Teenagers Steal $4.2 Million

On 4 July, Canadian authorities arrested and charged two teens for stealing $4.2 million worth of cryptocurrencies from an American citizen, according to CBC news. The accused used a spear phishing technique to gain unauthorized access to the victim’s account and steal Bitcoin [BTC] and Ethereum [ETH] assets totaling over $13.4 million dollars in value.

Poly Network Suffers Major Hack

Last weekend, cross-chain bridge Poly Network was hacked with 57 crypto assets across 10 blockchains being compromised, including Ethereum, BNB Chain [BNB], Polygon [MATIC], Avalanche [AVAX], Heco, OKX and Metis. The hacker successfully manipulated a smart contract function on the protocol and transferred crypto assets worth at least $5 million before services had to be suspended temporarily as PeckShield reported on the same day.

Coinbase Impersonation by Scammers

Due to its prominence as a major crypto exchange, scammers frequently impersonate Coinbase staff in attempts to gain unauthorized access into victims‘ accounts in order to steal their funds or personal information such as passwords or credit card details. A group of investors filed a complaint against Coinbase last year arguing that the firm failed to take appropriate precautions against such scams.

Conclusion

The recent string of crypto attacks serves as an important reminder that users must remain vigilant when interacting with online platforms related to cryptocurrency transactions or investments in order protect themselves from becoming victims of fraud or theft