Cryptocurrency Losses Exceed $8.8 Million Due To Security Breaches And Scams

According to Odaily, the weekly security report released by SlowMist reveals that total losses in the cryptocurrency sector exceeded $8.8 million for the week of June 3 to June 9, 2024.

The report details several significant incidents that contributed to this substantial loss. Loopring, a smart wallet, suffered a loss of $5 million due to a security vulnerability. Gemholic, another cryptocurrency project, lost $3.4 million in a rugpull scam, disappearing after transferring funds.

Furthermore, the TLN protocol on the BNB Chain experienced a loss of $280,000 due to a contract vulnerability. Similarly, SteamSwap (STM) on the BNB Chain lost $105,000, and NCD lost $20,000, both due to contract vulnerabilities.

These incidents highlight the ongoing security challenges in the cryptocurrency sector, emphasizing the need for robust security measures and vigilance among investors.