Crypto Wallet Exploit Rises as Users Maximize Better Trading Potentials with Margex Copy Trading
Q2 of 2024 in the cryptocurrency space witnessed high-profile hacking from decentralized exchanges to DeFi (decentralized finance), amounting to a collective loss of $176M in June.
PeckShieldAlert reported that June 2024 witnessed over 20+ hacks in the crypto space, resulting in over $176 million in losses and less than $385 million in losses in crypto for May 2024. This brings the hack rate to a 54% decrease from the previous months.
Top of the list on these recent hacks has come from centralized finance exchanges (CeFi) such as Btctruk and Lykke, recording $100 million and $22 million in losses from hacks, according to PeckShieldAlert.
From massive breaches on centralized exchanges to sophisticated phishing on DeFi, which led to an outrageous amount of funds being stolen, this highlights continuous vigilance and improvement in smart contracts in the crypto space.
Despite many blockchain technological advancements in recent years and projects going through rigorous smart contract audits, blockchain security vulnerabilities persist as hackers continue to exploit loopholes in smart contracts.
These hacks have not only resulted in financial losses but also setbacks in terms of many users’ onboarding into the DeFi ecosystem and the cryptocurrency mainstream as a whole.
In this article, we will delve deep into some DeFi hacks that happened in 2024 and how Margex exchange remains safe as many users explore its platform and automated copy trading system to remain profitable despite the uncertainties of the cryptocurrency market.
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Turkey’s biggest cryptocurrency exchange, BtcTurk, remains one of the notable hacks in 2024, with over $100 million in crypto assets stolen from the exchange. Early estimates from
