hacks

DeFi has grown into a multi-billion dollar sector — but with growth comes risk. In 2023–2024 alone, billions were lost to hacks, exploits, and smart contract vulnerabilities. As we head into 2025, the question is clear: can DeFi finally prevent the next $1B hack?
Audits & Formal Verification 🛡️ — Top protocols are investing heavily in multiple audits and advanced testing methods. Still, no system is 100% bulletproof.
DeFi Insurance — Projects like Nexus Mutual and InsurAce are building safety nets for users, offering coverage against exploits.
On-Chain Risk Tools — Real-time monitoring, circuit breakers, and oracle protections are becoming standard to reduce systemic threats.
Institutional Pressure — With more funds entering DeFi, protocols are forced to prioritize compliance and robust security.
⚡ The reality: security will never be “solved,” but it can be strengthened. As capital flows into DeFi 2.0, protocols with layered protection will stand out from the rest.
#defi #CryptoSecurity #blockchain #hacks #Web3

White hat hacker collective SEAL has acknowledged 29 companies for supporting its Safe Harbor framework, enabling ethical hackers to defend user funds during live attacks.
For several agonizing hours in August 2022, white hat hackers watched anxiously as evil-doers, known as “black hats,” stole $190 million from the Nomad bridge — the fourth biggest crypto hack just that year alone. 
While some white hats eventually took it upon themselves to steal the funds for temporary safekeeping, many more hesitated over fears that getting involved could land them in prison.
This exact incident is what led crypto security nonprofit Security Alliance, or SEAL, to find a way to give white hats the freedom and, more importantly, legal safety, to fight against the bad guys. 
This later became the Safe Harbor Agreement — a framework launched in 2024 for white hats and projects to abide by during an active exploit, according to the SEAL Safe Harbor initiative’s co-leads Dickson Wu and Robert MacWha.
“Skilled whitehats who could stop the attack often hesitate due to legal uncertainty around ‘hacking’ the protocol they’re trying to save. Safe Harbor eliminates this fear by providing whitehats with clear legal protection and prescribed steps.”
SEAL recognizes 29 companies supporting crypto’s ethical hackers
Less than two years later, SEAL is now recognizing 29 crypto companies for adopting and supporting its Safe Harbor Agreement as part of its very first Safe Harbor Champions 2025 awards.
“By rallying around standards like Safe Harbor, we’re signaling a coordinated defense strategy rather than remaining fragmented,” Wu and MacWha said.
“With billions at risk and hundreds of attack vectors, establishing clear security standards and rewarding participation raises the baseline security for everyone.”
The nominees, split into “adopters” and “advocates,” include Polymarket, Uniswap, a16z Crypto, Paradigm, Piper Alderman, and many more, including Cointelegraph. 

Another nominee, Web3 security platform Immunefi, told Cointelegraph last month that its adoption of the Safe Harbor initiative has helped 30 of its white hat security researchers reach millionaire status, contributing to more than $25 billion in customer funds saved from attempted thefts.
So far, Immunefi has facilitated more than $120 million in payouts across thousands of reports, with SEAL’s Safe Harbor framework serving as one of its powerful tools to protect crypto protocols from bad actors.
Notable white hat hacks that saved millions in crypto 
SEAL currently has 79 volunteer white hat hackers who can respond during active exploits. One of the more famous white hats is the pseudonymous c0ffeebabe.eth, who has run in and saved crypto projects on more than a few occasions.
In April, they ran a Maximal Extractable Value bot to frontrun a malicious transaction and intercept $2.6 million stolen from the Morpho App.
In July 2023, c0ffeebabe.eth returned $5.4 million worth of Ether $4,149 to Curve users through the same MEV strategy, and a few months earlier, they also recovered 300 ETH from a smart contract exploit on SushiSwap.

Good-faith white hat actors also withdrew and returned $12 million worth of Ether and USDC $0.9995 from the Ronin bridge in August 2024, receiving praise from its team for their actions.

More recently, several SEAL volunteers coordinated to warn crypto protocols of the NPM supply chain attack that compromised JavaScript software libraries in September.
Despite early fears of a potential black swan event, the industry’s collective defense limited the total damage to less than $50 across the first 24 hours.
“I'm very proud of the fact that SEAL worked quickly to triage and remediate the crypto aspects of the attack while GitHub and other developers worked quickly to flag and neutralize the infection from a Web2 perspective,” SEAL’s pseudonymous founder and CEO, Samczsun, said.
SEAL’s Safe Harbor Champions 2025 open for voting 
Winners of SEAL’s Safe Harbor Champions 2025 awards will be determined by the total number of likes, retweets, quote tweets, and replies on posts from nominees using the @_SEAL_Org tag from Oct. 1 until Nov. 1.
The winners will be announced on Nov. 3. They will earn a commemorative SEAL nonfungible token and ongoing recognition as a 2025 Safe Harbor Champion.
The awards are part of SEAL’s wider initiative to encourage more crypto companies to adopt the Safe Harbor Agreement to strengthen the protection of customer assets.
How SEAL’s Safe Harbor framework works 
To adopt the Safe Harbor framework, crypto protocols must join SEAL’s onboarding waitlist. If approved, they will receive a step-by-step guide on how to comply with the framework.
During an active exploit where a white hat steps in to take the funds for temporary safekeeping, the Safe Harbor rules state that funds must be returned within 72 hours, with the bounty set at 10% of recovered funds (capped at $1 million).

Payment is made only after verification, and to ensure accountability, white hats must complete a Know Your Customer and OFAC check before receiving rewards. 
On the other hand, membership as a SEAL volunteer is granted through certain badges, which are earned by contributing time or money to support the operations and initiatives run by SEAL.
The crypto industry is taking accountability
Adoption of the Safe Harbor initiative shows “the outside world that crypto has evolved beyond the wild west into a mature ecosystem capable of collective action,” Wu and MacWha said.

Ayham Jaabari, a founding contributor of DeFi platform and Safe Harbor nominee Silo Finance, told Cointelegraph that the SEAL agreement being enforced on-chain and tied to updated user terms, reflects the type of accountability expected by banks and regulators.
Part of Silo Finance’s implementation of Safe Harbor has involved publishing recovery addresses on Ethereum, Avalanche, Sonic, Arbitrum, Base and Optimism to remove any doubt about where white hats should return rescued assets. 
Continued adoption of white hat frameworks like Safe Harbor should serve as a warning sign to bad actors, Jaabari added:
“For attackers, the message is clear: the community is organized, coordinated, and prepared to respond rapidly — making exploits less profitable and riskier to attempt.”

White hats now have legal protection 
Another Safe Harbor nominee is the Security Research Legal Defense Fund, a nonprofit that is prepared to fund the legal defense for any white hat who faces legal issues, provided the hack was carried out in good faith.
SRLDF President and Senior Attorney Kurt Opsahl told Cointelegraph that while they haven’t had to use the fund yet, it gives white hats more confidence to step in to safeguard protocols during active attacks:
“By setting out the terms and protections ahead of time, a good faith security researcher knows what the deal is, and can limit their exposure for acting as a Good Samaritan.”

Despite the progress, work remains. Hackers are becoming increasingly sophisticated, siphoning $3.1 billion in the first half of 2025 — already surpassing the $2.85 billion lost in all of 2024. 
The $1.4 billion Bybit hack, along with rising crypto prices, have been the biggest contributors to losses in 2025, already exceeding those seen last year.

#Adoption
#Hackers
#Cybersecurity
#Hacks
#DeFi

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#hacks

The year 2024 has been marked by unprecedented events that have reverberated across multiple sectors, particularly in the realms of #cryptocurrency , economics, and politics. As we navigate through this year, let’s take a look at some significant occurrences that have defined the landscape:
Major Events of 2024
Cryptocurrency Exchange Bankruptcies:Several high-profile cryptocurrency #exchanges , including some in India and Malaysia, have declared bankruptcy, leaving investors in the lurch.These collapses have led to a significant loss of trust in centralized exchanges.#hacks and Security Breaches:Multiple exchanges have experienced hacks, resulting in millions of dollars being stolen from unsuspecting users.The aftermath of these incidents has raised concerns about security measures and the overall integrity of digital asset platforms.Burning of Old Digital Currencies:Many legacy cryptocurrencies are engaging in token burn mechanisms to reduce supply and stabilize prices.This trend has sparked debates on sustainability and the long-term viability of certain coins.

$XRP 's Resurgence:#XRP has emerged as a frontrunner in the crypto market, driven by legal victories and increased adoption.Its narrative has shifted from a legal battleground to a potential market leader, influencing investor sentiment.Global Economic Challenges:The world is grappling with economic downturns, inflation, and rising interest rates, affecting markets and consumer confidence.Countries are facing mounting pressures to find effective solutions to these financial woes.U.S. National Debt Crisis:The United States is navigating a staggering national debt of $33 trillion, prompting discussions about fiscal responsibility and potential reforms.Solutions are being debated in Congress, but consensus remains elusive.2024 U.S. Presidential Election:The political arena is heating up as Donald Trump and Kamala Harris position themselves as the leading candidates.Their contrasting visions for America are shaping campaign strategies and voter mobilization efforts.Elon Musk's Influence:Elon Musk continues to make headlines with his ventures, including advancements in AI and space exploration.His impact on technology and popular culture remains profound, influencing market trends and public discourse.
Major Events of 2024 by Month
January
FTX and Voyager's Bankruptcy Proceedings: Continued fallout from the 2022 collapses.Launch of CBDCs: Several countries, including China and the EU, expanded their Central Bank Digital Currency initiatives.Bitcoin Price Rally: Bitcoin saw a 15% increase, sparking renewed interest in crypto.
February
Crypto Exchange Hack in Malaysia: A major exchange suffered a breach, resulting in millions lost.SEC vs. Crypto Companies: The U.S. SEC increased scrutiny on various crypto platforms.Ethereum Upgrade: The transition to Ethereum 2.0 gained traction with successful testnets.
March
Market Correction: A significant pullback in crypto prices led to panic selling.XRP Legal Victory: Ripple won a court case, boosting XRP's market position.Coinbase Layoffs: Coinbase announced layoffs amid declining trading volumes.
April
New Regulatory Frameworks: The EU proposed new regulations for cryptocurrency exchanges.Launch of NFT Marketplaces: Several platforms launched, aiming to capture the growing NFT market.Stablecoin Regulations: Discussions around stablecoin regulation intensified.
May
Hack of Indian Exchange: An Indian crypto exchange was hacked, causing significant investor losses.Bitcoin Mining Crackdown: China resumed its crackdown on Bitcoin mining operations.Elon Musk's Twitter Influence: Musk's tweets drove sudden price movements in Dogecoin.
June
Summer Market Slump: Crypto markets experienced a significant downturn.NFT Market Decline: Reports showed a sharp decline in NFT sales.Crypto Tax Guidelines: Various countries released updated tax guidelines for crypto traders.
July
Binance Regulatory Issues: Binance faced increased scrutiny from regulators in multiple countries.Introduction of Layer 2 Solutions: Several blockchain projects introduced Layer 2 scaling solutions.Launch of New Altcoins: Many new altcoins were launched amid a recovering market sentiment.
August
Return of Crypto Bull Run: Bitcoin and Ethereum prices began to rise again.Partnerships with Traditional Finance: Crypto platforms partnered with banks to facilitate fiat transactions.Major Hack on Global Exchange: A well-known global exchange experienced a breach, leading to heavy losses.
September
XRP Market Leadership: XRP continued to climb, solidifying its position in the top 5 cryptocurrencies.U.S. National Debt Concerns: Ongoing discussions about the implications of the $33 trillion national debt.Elon Musk's New Ventures: Announced plans for new space exploration projects.
October
Crypto Market Regulation Announcements: Major announcements from regulators about upcoming policies.Adoption of Blockchain Technology: Businesses began exploring blockchain for supply chain solutions.Market Volatility: Prices fluctuated significantly as traders reacted to regulatory news.
November
U.S. Elections and Market Impact: Market sentiment shifted based on election results.Adoption of Crypto by Retailers: More retailers began accepting cryptocurrencies as payment.Major Exchange Acquisitions: Acquisitions of smaller exchanges by larger players were announced.
December
Year-End Market Review: Analysts reported on the highs and lows of the crypto market in 2024.Forecast for 2025: Predictions for market trends and regulatory changes in the coming year.Final Crypto Hack of the Year: A last-minute hack on a prominent exchange highlighted ongoing security issues.
2024 Short Review:
The events of 2024 have shaped a turbulent landscape for the cryptocurrency market, reflecting a mix of regulatory developments, market volatility, and technological advancements. As the year concludes, the implications of these occurrences will likely influence strategies and policies in the years to come.
Analysis of the Current Landscape
The events of 2024 have highlighted the volatility and unpredictability of both financial and political spheres. The catastrophic failures of cryptocurrency exchanges serve as a stark reminder of the inherent risks involved in the digital asset space. As millions of dollars vanish due to hacks, investors are forced to reconsider their trust in these platforms and the future of cryptocurrency as a whole.
In parallel, the resurgence of XRP showcases how legal clarity can dramatically shift market dynamics. The coin’s journey from litigation to potential market dominance reflects broader trends in the crypto ecosystem, where regulatory clarity is increasingly sought by investors.
Meanwhile, global economic challenges are adding layers of complexity to the situation. Inflation and rising interest rates have placed pressure on consumer spending and investment, forcing countries to reevaluate their economic policies. In the U.S., the staggering national debt poses questions about fiscal sustainability and future growth.
The upcoming presidential election adds yet another layer of uncertainty. With candidates like Donald Trump and Kamala Harris vying for the highest office, their platforms will not only shape the political landscape but also have significant implications for economic policy and international relations.
As we observe the actions of influential figures like Elon Musk, it becomes clear that innovation and disruption will continue to play a crucial role in shaping the future. His endeavors in AI and space exploration signify a push towards a new technological era, even amidst economic turmoil.
In Nutshell
The events of 2024 encapsulate a pivotal moment in history, characterized by significant setbacks and transformative changes. The interplay between cryptocurrency turmoil, economic challenges, and political shifts will continue to influence global dynamics in the months to come. As we move forward, it is essential for investors, policymakers, and citizens to remain vigilant and adaptive in the face of these rapid changes.

Over the course of 2023, crypto users lost $1.8 billion in various hacks, exploits, scams and rug pulls, bug bounty platform Immunefi said in a report published on Thursday. While that's a 54% decrease from the $3.9 billion the industry lost in 2022, the number of single incidents increased 90% from 168 in 2022 to 319 in 2023.
The third quarter of the year proved to be the most disastrous, accounting for a third of all losses registered during the year. In terms of monthly numbers, the highest losses were seen in November ($343 million), September ($340 million) and July ($320 million).
A total of ​​$1.6 billion was lost as a result of hacks in 247 incidents mostly connected to decentralized finance platforms, while fraud accounted for $103 million lost in 110 incidents, according to the report.
Immunefi said that 13.5% of the stolen funds, or around $231.7 million, had been recovered in 19 cases.
Most attacked blockchains
BNB Chain and Ethereum are consistently the most attacked blockchains, accounting for more than half of the total losses. According to Immunefi, 131 incidents involved BNB Chain-based projects, and 91 incidents were seen on Ethereum. They were followed by Polygon with ten incidents, and Avalanche with six.
North Korea's Lazarus Group got away with $308.6 million of funds stolen from various projects in 2023, which is 17.4% of the total losses seen during the year. The group is believed to be behind the attacks on Atomic Wallet, CoinEx, Alphapo, Stake and CoinsPaid.
Other notable incidents in 2023 included attacks on Mixin Network ($200 million), Euler Finance ($197 million), Multichain ($126 million), Poloniex ($126 million), and BonqDAO ($120 million), Immunefi said.
#Scams #hacks

In the fast-moving, high-stakes world of cryptocurrency, fortunes are made overnight—and sometimes lost just as quickly. No story captures this better than that of Wei Zhang, a brilliant Chinese teenager whose journey from a $10 investment to a multi-billion-dollar fortune ended in one of the most devastating crypto losses in history.

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🌱 The Humble Beginning – A Teen with a Vision

It was 2010, and Bitcoin was still a curious experiment whispered about in small online forums. Wei Zhang, just a high school student with a knack for technology, stumbled upon the idea of decentralized digital money. With only $10 to his name, he took a leap of faith.

At less than a penny per coin, that $10 bought him thousands of BTC, tucked away quietly while the world remained oblivious to the goldmine of the future.

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📈 The Meteoric Rise – From Pennies to Millions

By 2013, Bitcoin’s price began to climb, and Wei’s pocket change had transformed into a small fortune. But Wei wasn’t satisfied with just holding coins—he wanted to shape the crypto world.

Armed with his coding skills and entrepreneurial drive, Wei introduced CryptoLeap in 2014, the world’s first crypto margin trading exchange. This innovation allowed traders to use borrowed capital to multiply their gains in the highly volatile market. The idea caught fire—CryptoLeap became a powerhouse, and Wei became one of the youngest and richest names in crypto.

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💰 Peak Glory – The 99,000 BTC Treasure

By 2017, Wei had accumulated a jaw-dropping 99,000 BTC—a stash worth billions in today’s market. He was celebrated as a visionary, admired for spotting opportunities before the crowd. But in the world of crypto, success attracts more than applause—it attracts predators.

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⚠️ The Trap – A Single Click That Changed Everything

In early 2018, an email arrived. It looked legitimate—purportedly from a leading venture capital firm offering a multi-million-dollar partnership. The email included an official-looking PDF link. Without hesitation, Wei clicked.

It wasn’t a document—it was a phishing trap. Within moments, hackers had his CryptoLeap admin credentials, giving them the keys to the entire vault.

What happened next was brutal:

Massive unauthorized withdrawals began instantly.

99,000 BTC vanished into dozens of wallets.

In less than an hour, Wei’s fortune evaporated.

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🌪 The Fallout – Panic, Collapse, and Heartbreak

News of the hack hit the markets like a thunderclap. Bitcoin’s price wobbled as panic spread. Investors pulled out, trust was shattered, and lawsuits piled up.

CryptoLeap’s once-flawless reputation was gone overnight. Wei, devastated and facing regulatory heat, stepped down as CEO. With no way to recover the stolen coins, he had no choice but to shut down the platform he had built from scratch.

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⏳ The What-If – $11.4 Billion Today

Those 99,000 BTC would now be worth roughly $11.4 billion—a fortune that could rival entire financial empires. But for Wei, it’s a painful reminder that in crypto, the biggest risk isn’t always price volatility—it’s security negligence.

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🔄 Redemption – From Victim to Cybersecurity Advocate

Wei didn’t disappear. Instead, he re-entered the tech scene with a new mission—protecting others from making the same mistake. He became a cybersecurity evangelist, teaching traders and startups how to defend themselves from phishing, hacks, and scams.

His message is simple but powerful:

> "In crypto, you don’t just guard your coins—you guard your keys, your mind, and your click."

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🧠 The Takeaway – A Billion-Dollar Lesson

Wei Zhang’s rise and fall isn’t just a tragedy—it’s a wake-up call. In the decentralized world, you are your own bank, and with great wealth comes great responsibility.

One careless click can turn billions into nothing. One unchecked email can wipe out years of work. In the crypto game, vigilance is wealth.

$BTC
#CryptoStory #Bitcoin #Security #hacks #CryptoLessons