A Detailed Look at 5 Biggest Crypto Hacks of 2024 (So Far)

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As we step into the new year, the cryptocurrency community is grappling with the aftermath of significant security incidents, totaling a staggering $38.9 million lost in January 2024. Quantstamp, a leading Web 3 security platform, has meticulously documented these events.

Let’s dive deeply and look at the five most substantial smart contract hacks that have shaken the crypto space.

On January 4, Gamma Strategies, a protocol specializing in liquidity management and market-making on Ethereum, fell prey to a $3.4 million exploit. The attacker manipulated transactions, securing 1535 ETH (approximately $3.4 million). The funds were cleverly converted from $USDT to $ETH, sidestepping potential freezes. Tornado cash played a role, with over $1.65 million discreetly deposited into the popular currency mixer.