Early this year, a series of hacks on major crypto platforms left the market deeply concerned. On January 2, the hacking of the Orbit Chain became the opening of this shifting year. The next day, the Radiant Capital incident followed.
If the system remains vulnerable, the crypto world will continue to be an easy target for hackers. The hacking of crypto companies highlights the critical importance of robust security systems. The industry faces significant challenges in strengthening its defenses, with total losses reaching hundreds of billions of rupiah in 2024.
Throughout 2024, here is a list of major hacks that occurred. MetaWin lost USD 4 million (IDR 63.2 billion) after hackers exploited a loophole in its automatic recall system. Despite halting withdrawals, MetaWin’s CEO reported that 95% of customer funds had been successfully restored.
This crypto trading company suffered a loss of USD 13.7 million (IDR 216.46 billion). The hundreds of billions of funds disappeared because of the crypto wallet of the company or hot wallet hack. However, the company has fully compensated all users for their lost assets.
Hackers stole Ethereum and stablecoins from a US government wallet previously holding assets confiscated from the 2016 Bitfinex hack, amounting to USD 20 million (Rp 316 billion). Additionally, a cross-chain loan platform suffered two major hacking incidents on the Arbitrum network through a flash loan attack, resulting in losses of USD 58 million. Moreover, and initial year’s exploitation of USD 4.5 million. The total loss of Radiant Capital is 62.5 million USD or 987.5 billion IDR.
The series of hacks shows how vulnerable the crypto industry is if it is not being kept company by increased security and surveillance systems in their industry. For that reason, proactive steps from platforms, developers, and regulators are critical to protect users from the increasing threat of hacking.
