Crypto Hacking Spree Continues with Multiple Attacks and Significant Financial Losses

Recently, the crypto space has witnessed a surge in hacks, with at least 12 DeFi protocols and crypto businesses attacked since April 1. The attacks have resulted in significant financial losses, with over $280 million in losses reported.

The hacking spree is believed to be linked to North Korea-affiliated actors, who are suspected of using AI tools and social engineering tactics to gain access to crypto companies.

Some of the attacked protocols include CoW Swap, Hyperbridge, Bybit, Dango, Silo Finance, BSC TMM, Aethir, MONA, Zerion, Rhea Finance, and the Grinex exchange. The losses vary widely, ranging from hundreds of thousands to tens of millions of dollars.

One of the most notable attacks was on DeFi protocol Rhea Finance, which lost $7.6 million after attackers exploited a vulnerability in its Margin Trading feature. Meanwhile, the Kyrgyzstan-registered Grinex exchange reported over 1 billion rubles (approximately $13.1 million) stolen in a large-scale cyberattack.

Blockchain security firm Elliptic estimated that around $15 million in USDT was actually stolen from Grinex, which was then converted to TRX and ETH to avoid being frozen by Tether. This move is believed to be an attempt to evade detection and freeze assets linked to illicit activity.