It's been a rough few days for TerraUSD, one of several popular <button class="define-target" id="stablecoin">stablecoins</button> <button class="define-target" id="peg">pegged</button> to the US dollar. Unlike many stablecoins like Tether or USDC, Terra is an <button class="define-target" id="algorithmic-stablecoin">algorithmic stablecoin</button>, meaning that instead of (ostensibly) being backed 1-1 by various assets, they are based around an algorithm that uses various market incentives to maintain a set price. UST is the largest algorithmic stablecoin on the market at the moment, followed by projects like Fei and FRAX.<p>The incentives that should keep TerraUSD trading at $1 have been put to the test lately, with a combination of spiraling cryptocurrency prices across the board and some apparent large sell-offs by those holding UST. The coin dipped down to $0.992 on May 7 before some large buys returned it close to its peg. It dipped again by a smaller amount the following day, reaching a low of around $0.994. These values may seem like small changes on the micro scale, but when major stablecoins diverge from their peg by even fractions of a cent they have major effects throughout the cryptocurrency ecosystem.</p><p>On May 9, UST saw its most extreme de-peg, plunging to $0.95, then again to $0.84 later that day, despite Luna Foundation Guard liquidating $1.3&nbsp;billion in Bitcoin reserves to try to restore the peg.</p><p>Do Kwon, cofounder of Terraform Labs, initially seemed to be doing his best to portray confidence on Twitter by tweeting things that give the exact opposite impression. "If yall girls are gonna <button class="define-target" id="fud">fud</button>, try to do it during my waking hours pls," he wrote on May 7. "You could listen to [crypto Twitter] influensooors about UST depegging for the 69th time. Or you could remember they're all now poor, and go for a run instead", he tweeted, somewhat blithely acknowledging UST's repeated history of losing its peg. His tweets seemed to take a more serious turn beginning the evening of May 8, as the situation grew more dire.</p>

Terra/Luna collapse

TerraUSD (UST) stablecoin dramatically loses its peg

Aaaand there it goes.<p>FTX announced that it had filed for Chapter 11 bankruptcy in the United States. Sam Bankman-Fried resigned as CEO.</p><p>SBF had spoken about trying to raise additional funds. In leaked Slack messages, he had allegedly written that "One could maybe say, if they wanted to be optimistic, that we have a lot theoretically in and/or potentially for the raise". No one was actually saying this.</p>

FTX collapse

FTX files for bankruptcy, Sam Bankman-Fried resigns

The Genesis cryptocurrency lending platform filed for bankruptcy, following weeks of turmoil after the FTX collapse. Genesis <a href="https://web3isgoinggreat.com/?id=genesis-crypto-lending-service-halts-withdrawals" target="_blank">halted withdrawals</a> shortly after FTX's failure, and shortly afterwards <a href="https://web3isgoinggreat.com/?id=genesis-warns-of-bankruptcy-if-they-cant-raise-1-billion" target="_blank">warned of possible</a> bankruptcy if they couldn't raise at least $1&nbsp;billion in new capital. The past few months have also featured a <a href="https://web3isgoinggreat.com/?id=gemini-founder-writes-open-letter-to-barry-silbert-begging-for-the-return-of-900-million" target="_blank">public conflict</a> between Genesis, along with its parent company DCG and DCG's CEO and founder Barry Silbert, and the Winklevoss twins behind the Gemini crypto exchange.<p>It remains to be seen what the impact of a Genesis bankruptcy may have on its parent company, Digital Currency Group (DCG). DCG owes Genesis more than $1.65&nbsp;billion, according to bankruptcy filings, including a $1.1&nbsp;billion promissory note created to absorb <a href="https://web3isgoinggreat.com/?id=genesis-lost-hundreds-of-millions" target="_blank">Genesis losses in the Three Arrows Capital collapse</a>.</p>

"Genesis, a Crypto Lending Firm, Files for Bankruptcy"

Genesis bankruptcy

Genesis files for bankruptcy

The two founders of a South Africa-based crypto investment firm called Africrypt claimed they had been hacked, and all assets had been stolen. The duo disappeared as legal action began, and as skepticism grew as to the veracity of that story.

"Africrypt brothers deny involvement in Bitcoin 'heist' "

"Missing Brothers' Lawyers Terminated From South Africa Bitcoin Case"

Africrypt exit scam

Africrypt investors disappear with $3.6 billion of investor funds

A court in the British Virgin Islands ordered the liquidation of Three Arrows Capital, a crypto hedge fund. This follows initial <a href="https://web3isgoinggreat.com/?id=three-arrows-capital-crypto-hedge-fund-may-be-insolvent" target="_blank">rumors</a> in mid-June that the firm was insolvent, then a <a href="https://web3isgoinggreat.com/?id=three-arrows-capital-looks-for-a-bailout" target="_blank">report</a> shortly after that the group was looking at options including asset selloff or a buyout.<p>The court action followed lawsuits from several creditors over its failure to pay debts. Those creditors included Voyager Digital, who <a href="https://web3isgoinggreat.com/?id=voyager-digital-reduces-withdrawal-limit" target="_blank">reduced their platform's withdrawal limit</a> after reporting their exposure to 3AC, as well as the crypto exchange Deribit.</p>

"Crypto Hedge Fund Three Arrows Ordered by Court to Liquidate"

Three Arrows Capital collapse

Three Arrows Capital ordered to liquidate

Turkish Bitcoin exchange Thodex halted trading and limited customers' access to their investments, claiming it was to investigate suspicious activity and swearing it was not an exit scam. With an international manhunt now underway for the Thodex CEO, and no sign of the approximately $2&nbsp;billion that was invested in the platform, it seems awfully likely it was a <button class="define-target" id="rug-pull">rug pull</button>.

"Thodex CEO Denies Rug-Pull, Discloses Cyberattacks, Says 'Funds Are Safe'"

"For the ruined, Turkey’s crypto crackdown comes too late"

"Billion-Dollar Rug Pull? Turkish Bitcoin Exchange Goes Dark"

Thodex exit scam

CEO of Turkish crypto exchange Thodex apparently makes off with $2 billion in investments

One month after pausing customer withdrawals, crypto lending firm Celsius Network filed for Chapter 11 bankruptcy. Celsius had recently hired a new group of restructuring lawyers from Kirkland &amp; Ellis, the same group <a href="https://web3isgoinggreat.com/?id=voyager-digital-files-for-bankruptcy" target="_blank">counseling Voyager Digital in their bankruptcy proceedings</a> announced on July 6.

"Crypto Lender Celsius Files for Bankruptcy After Cash Crunch"

"Troubled Crypto Lender Celsius Hires New Restructuring Lawyers"

Celsius collapse

Celsius files for bankruptcy

Crypto lending firm BlockFi has filed for Chapter 11 bankruptcy in the wake of the FTX collapse. The company was in dire straits in the spring after Terra and Three Arrows Capital blow-ups, but was bailed out in June by a <a href="https://web3isgoinggreat.com/?id=sam-bankman-fried-performs-second-bailout-loaning-250-million-to-blockfi" target="_blank">$250&nbsp;million loan from FTX</a>, followed by a deal giving BlockFi a $400&nbsp;million credit facility and giving FTX the "option to acquire" BlockFi.<p>Because of this dependency, it was no surprise when BlockFi announced they were once again in crisis following the FTX explosion. On November 15, <a href="https://web3isgoinggreat.com/?id=blockfi-plans-layoffs-possible-bankruptcy-after-ftx-collapse" target="_blank">the <i>Wall Street Journal</i> reported</a> they were preparing for possible bankruptcy and considering layoffs.</p><p>On November 28, BlockFi filed for bankruptcy. Their filing estimates they have more than 100,000 creditors (the maximum option on the form), between $1–10&nbsp;billion in assets, and between $1–10&nbsp;billion in liabilities.</p>

"Important Client Update - November 28, 2022"

BlockFi bankruptcy

BlockFi files for bankruptcy

Many investors have reported losses thanks to a cryptocurrency investment scheme called HyperVerse, which operated in Australia from around 2018 to mid-2023. Several financial watchdogs issued warnings about the company, including the UK, Canada, Germany, and New Zealand. The Hungarian central bank warned in August 2022 that the HyperVerse project was a "suspected pyramid scheme... behind which there is no real economic activity... There is a significant chance that investors may permanently lose part or all of their invested capital."<p>Estimates by Chainalysis suggest that victims have lost a combined $1.3&nbsp;billion (with a B) to the scam thus far.</p><p>The scheme's operators Sam Lee and Zijing "Ryan" Xu were also behind <a href="https://web3isgoinggreat.com/?id=blockchain-global-enters-liquidation" target="_blank">Blockchain Global</a>, a collapsed company that operated the Australian ACX crypto exchange that collapsed in 2019. The company is in liquidation, and creditor claims are expected to surpass $50&nbsp;million. Although Lee and Xu were reported for investigation to the Australian Securities &amp; Investments Commission, ASIC did not take any action.</p><p>Lee has also been involved in other investment platforms, including two that are currently active: StableDao and We Are All Satoshi. Both platforms were the target of cease and desist letters from the Californian Department of Financial Protection and Innovation in September 2023, who described them both as "fraudulent pyramid and Ponzi scheme[s]".</p>

"Investors lose millions as crypto schemes operate unchecked in Australia"

"'They are so convincing': Vera Gazzard lost her life savings to HyperVerse"

"Crypto Scam Revenue Dropped 46% in 2022, While Blockchain Analysis Finds Links Between What Appear to be Distinct Scams"

"More than $50 million owed to creditors after collapse of Blockchain Global's cryptocurrency exchange"

HyperVerse scam

Australian victims lose estimated $1.3&nbsp;billion to prolific scammers' HyperVerse project

The New York Attorney General’s office has sued Cynthia and Eddy Petion over two allegedly fraudulent cryptocurrency pyramid schemes called AWS Mining and NovaTech. They particularly targeted victims of Haitian descent, promoting their schemes in Creole, leveraging their victims’ religion, and promising them “financial freedom” and “freedom from the plantation”.<p>In reality, the schemes were pyramid schemes in which investors earned crypto for recruiting others to buy in. NovaTech also used the funds from newer investors to pay out the supposed “returns” from the investment scheme, in a classic Ponzi fashion. From August 2019 – April 2023, victims deposited more than $1&nbsp;billion into NovaTech. Though it was described as a trading operation, only about $26&nbsp;million ever went into crypto trading.</p><p>In June 2022, the couple secretly sold their Florida house and moved to Panama, while continuing to pretend they were in the state. Speaking to another operator of the scheme, Cynthia Petion advised: “leave the country…they can’t serve you if they can’t find you lol.”</p>

“Attorney General James Sues Cryptocurrency Companies NovaTechFx and AWS Mining for Defrauding Investors of More Than $1 Billion”

NovaTech and AWS Mining crypto pyramid schemes

New York Attorney General sues over $1&nbsp;billion NovaTech and AWS Mining crypto pyramid schemes

After a domino effect in which Gemini <a href="https://web3isgoinggreat.com/?id=gemini-halts-withdrawals-from-their-lending-service" target="_blank">suspended withdrawals</a> from its "Earn" lending product due to Genesis <a href="https://web3isgoinggreat.com/?id=genesis-crypto-lending-service-halts-withdrawals" target="_blank">suspending withdrawals</a> due to FTX's <a href="https://web3isgoinggreat.com/?id=ftx-files-for-bankruptcy-sam-bankman-fried-resigns" target="_blank">collapse</a>, it's been revealed by the <i>FT</i> that Genesis holds around $900&nbsp;million in Gemini customer assets.<p>Gemini has formed a creditor committee to try to recoup funds from Genesis, as well as Genesis parent company DCG.</p>

"Crypto broker Genesis owes Winklevoss exchange’s customers $900mn"

Genesis owes Gemini

Genesis owes $900&nbsp;million to customers of Gemini Earn

At some point in April 2021, a trader on the FTX cryptocurrency exchange successfully exploited the firm for around $800&nbsp;million. They were able to take positions in relatively illiquid crypto tokens, including MobileCoin and BTMX, then manipulate the token prices to appear much higher than their true market value (for example, MobileCoin spiked to $70 a token, rather than around $6). Using these falsely high-valued tokens as collateral, the trader was able to borrow around $800&nbsp;million in more liquid tokens, abandoning the relatively valueless collateral on the exchange.<p>During the October 2023 <a href="https://web3isgoinggreat.com/?id=sam-bankman-fried-convicted" target="_blank">criminal trial of FTX founder and CEO Sam Bankman-Fried</a>, he gave more detail on how the exploit took place, and admitted that he personally had disabled FTX's automatic <button class="define-target" id="forced-liquidation">liquidation</button> systems for this account. Though he intended to closely monitor the account to prevent any losses to FTX, he said that it was actually his actions that allowed the trader to drain such a massive quantity of assets from the exchange.</p><p>Prosecutors alleged that Bankman-Fried later had his cryptocurrency trading firm, Alameda Research, shoulder the loss, saying that he'd hoped it would be less visible on Alameda's balance sheets than on FTX's.</p>

"The FTX trial, day fourteen: Same events, new stories"

FTX MobileCoin exploit

FTX loses $800&nbsp;million to MobileCoin market manipulation

One of the most popular <button class="define-target" id="play-to-earn">play-to-earn</button> games, Axie Infinity, suffered an enormous hack to the Ronin network on which it runs. The project announced that a majority of Ronin validator nodes had been compromised — four belonging to the Sky Mavis company that builds Axie Infinity, and one belonging to the Axie <button class="define-target" id="dao">DAO</button>. After gaining control of the validators, they were able to approve malicious withdrawals of 173,600&nbsp;ETH (about $600&nbsp;million) and 25.5M USDC (a <button class="define-target" id="stablecoin">stablecoin</button>, worth $25.5M). The $625&nbsp;million loss was possibly the largest to date in the history of <button class="define-target" id="defi">defi</button> projects.<p>Sky Mavis announced that they had halted the Ronin <button class="define-target" id="bridge">Bridge</button> and Katana DEX, and were making changes to their network to try to guard against future attacks. They also wrote that they were "working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed".</p>

"Community Alert: Ronin Validators Compromised"

"Axie Infinity’s Ronin Network Suffers $625M Exploit"

"The Axie Infinity hack, what happened, and why people keep talking about bridges"

Axie Infinity bridge hack

Popular blockchain game Axie Infinity suffers a $625&nbsp;million exploit, the largest in defi history

Hackers stole approximately $611&nbsp;million from the <button class="define-target" id="defi">decentralized finance</button> platform Poly Network in the largest cryptocurrency theft against a single platform to date. In a bizarre twist, the hacker returned the funds, and Poly Network offered them a position as a chief security advisor (though it is not clear if they accepted).

"Crypto platform hit by $600 million heist asks hacker to become its chief security advisor"

Poly Network hack #1

$611 million is stolen from Poly Network in one of the largest cryptocurrency heists to date

Binance Smart Chain, the relatively popular blockchain that Binance is trying to rebrand as "BNB Chain", was halted when an attacker exploited "BSC Token Hub", the <button class="define-target" id="bridge">bridge</button> between the old Binance Beacon Chain and BSC. The attacker successfully moved around $127&nbsp;million of the stolen crypto assets off the chain before it was paused. The attacker's wallet contained 2&nbsp;million&nbsp;BNB, valued at $586&nbsp;million based on the price at the time of the hack, but as a result of the chain halt, they were not able to exfiltrate the entire amount.<p>Binance CEO Changpeng Zhao ("CZ") tweeted that "An exploit on a cross-chain bridge, BSC Token Hub, resulted in extra BNB. We have asked all validators to temporarily suspend BSC." A BSC developer later confirmed that "we coordinated with validators to temporarily suspend BSC after having determined an exploit on a cross-chain bridge, BSC Token Hub- which resulted in extra BNB". The value of the $BNB token dropped from $293.10 to $280.40 after the news.</p><p>The chain operators and CZ seemed to feel a little awkward about the ramifications of unilaterally deciding to halt a supposedly decentralized blockchain. CZ claimed he was asleep and that the chain had already been halted by the time he woke up. The BSC team published a blog post saying that "Decentralized chains are not designed to be stopped, but by contacting community validators one by one, we were able to stop the incident from spreading. It was not that easy as BNB Smart Chain has 26 active validators at present and 44 in total in different time zones. This delayed closure, but we were able to minimize the loss." They also promised to try to decentralize the project even further going forward.</p>

"Binance Smart Chain Halts After 'Potential Exploit' Drains Estimated $100M in Crypto"

"Binance is ‘narrowing down’ identity of hacker behind $570 million crypto attack, CEO says"

Binance bridge hack

Binance Smart Chain halts after $570&nbsp;million bridge exploit

An up-and-coming defi lending project called Vires Finance, which was based on the Waves protocol, offered high returns of 30–70% <button class="define-target" id="apy">APY</button> on stablecoins placed in the project. As with so many promises of huge returns, this one fell apart when wallets began siphoning millions of dollars from the protocol by putting up the Waves-based <button class="define-target" id="algorithmic-stablecoin">algorithmic stablecoin</button> USDN as collateral, and then withdrawing stablecoins like USDC and Tether. When the <a href="https://www.web3isgoinggreat.com/?id=waves-stablecoin-loses-peg" target="_blank">USDN stablecoin later de-pegged</a>, those with funds on Vires Finance were left with around $530&nbsp;million in <button class="define-target" id="bad-debt">bad debt</button>.<p>Waves founder Aleksandr Ivanov blamed the withdrawals on outsiders. However, various crypto researchers believe they have identified Ivanov as the one behind wallets involved in the mass withdrawals. These allegations were later repeated by the FTX bankruptcy estate in an adversary lawsuit against Ivanov.</p>

"Waves founder’s role in lost $530m raises questions about who’s to blame"

Waves protocol losses

Waves protocol Vires Finance loses $530&nbsp;million after questionable withdrawals

Over $477&nbsp;million was mysteriously withdrawn from FTX and FTX US late on November 11, despite the company freezing withdrawals.<p>An FTX account administrator wrote on the FTX support Telegram, "FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don't go on FTX site as it might download Trojans". The message was pinned by FTX General Counsel Ryne Miller.</p><p>Miller later wrote on Twitter, "Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges - unclear facts as other movements not clear. Will share more info as soon as we have it."</p><p>A Telegram admin subsequently wrote, "Not all hope is lost. Engineers have managed to retrieve substantial amount of funds," but no details were provided beyond that. A later announcement by Miller claimed that FTX had "initiated precautionary steps to move all digital assets to cold storage", suggesting some of the transfers may have been a part of that effort.</p><p>Many speculated that the so-called hack had been coordinated by insiders.</p>

"FTX Faces Potential Hack, Sees Mysterious Outflows Totaling More than $600M"

FTX hack

FTX claims it was hacked as more than $400&nbsp;million is withdrawn

Voyager Digital, a crypto broker that <a href="https://web3isgoinggreat.com/?id=voyager-digital-suspends-withdrawals-and-other-activity" target="_blank">suspended withdrawals</a> a week prior, announced that it had filed for bankruptcy. They attributed their decision to "prolonged volatility and contagion in the crypto markets", as well as their exposure to Three Arrows Capital, an also-bankrupt crypto fund that <a href="https://web3isgoinggreat.com/?id=voyager-digital-reduces-withdrawal-limit" target="_blank">defaulted on a loan</a> from Voyager worth around $660&nbsp;million.<p>Voyager CEO Stephen Ehrlich wrote on Twitter that he expected that Voyager would "emerge as a stronger company", certainly an optimistic prediction  for a crypto broker that froze customer funds with no promise they will ever be able to access them, then filed for bankruptcy.</p>

"Voyager Digital Commences Financial Restructuring Process to Maximize Value for All Stakeholders"

Voyager Digital bankruptcy

Voyager Digital files for bankruptcy

The Wormhole Network is a <button class="define-target" id="bridge">blockchain bridge</button> between Solana and various other blockchains, allowing assets to be traded across the different and not otherwise interoperable chains. After an attacker was able to spoof a guardian account, Wormhole was exploited on February 2 for 120,000&nbsp;<button class="define-target" id="wrapped-token">wETH</button>, or about $326&nbsp;million. The network was taken down for maintenance, and Wormhole promised that "ETH will be added over the next hours to ensure wETH is backed 1:1". The parent company of Wormhole, Jump Trading, replaced the funds that had been drained; meanwhile, Wormhole offered a $10&nbsp;million <button class="define-target" id="bug-bounty">bounty</button> to try to tempt the attacker into returning the funds. The hack was the fourth-largest cryptocurrency theft of all time, trailing behind the $480&nbsp;million Mt. Gox theft in 2014, the $547&nbsp;million Coincheck theft in 2018, and the <a href="https://web3isgoinggreat.com/?id=2021-08-11-0" target="_blank">$611&nbsp;million Poly Network theft</a> (that was later returned) in 2021.

"How $323M in crypto was stolen from a blockchain bridge called Wormhole"

Wormhole bridge hack

Wormhole, a cross-blockchain bridge, is hacked for more than $320&nbsp;million in one of the largest hacks to date

A Japanese cryptocurrency exchange called DMM Bitcoin has announced that they suffered an "unauthorized leak" of 4,502.9&nbsp;bitcoin (~$308&nbsp;million) from a company <button class="define-target" id="wallet">wallet</button>. They've provided very little in additional details around how the loss occurred, or who may have been involved. They have taken some of their services offline as they investigate the incident.<p>The company claims it will replace the lost funds with help from other companies in their group.</p><p>This is one of the <a href="https://www.web3isgoinggreat.com/charts/top" target="_blank">largest cryptocurrency thefts in recent history</a>, rivaling the roughly <a href="https://www.web3isgoinggreat.com/?id=wormhole-bridge-hack" target="_blank">$320&nbsp;million theft from the Wormhole bridge</a> in February 2022 and the <a href="https://www.web3isgoinggreat.com/?id=ftx-claims-it-was-hacked" target="_blank">$477&nbsp;million theft from FTX</a> in November 2022.</p>

"Japan's DMM Bitcoin says over $300 mln of cryptocurrency lost"

DMM Bitcoin loss

Japanese crypto exchange DMM Bitcoin loses $308&nbsp;million

Indian police have arrested around eighteen people, including four police officers, in connection with a $300&nbsp;million cryptocurrency scam that affected around 100,000 people in Himachal Pradesh. Victims were invited to invest in a cryptocurrency called Korvio Coin (KRO), but later the scam incorporated other tokens as well. Around 5,000 government officials and around 1,000 police fell victim to the scam, with some themselves becoming promoters.<p>The scam was allegedly orchestrated by Subhash Sharma, who has not been apprehended. This particular fraud was uncovered in September, but has been ongoing since as long ago as 2018.</p>

"Indian Police Arrest 8 More in $300M Crypto Scam: Report"

Himachal Pradesh scam

Arrests made in $300&nbsp;million Indian crypto scam

Two people have been arrested in relation to a phishing scam that successfully stole more than 4,000 BTC priced at around $243&nbsp;million from a single individual. The victim was targeted with a phishing scam in which the attackers posed as Google support employees and convinced the victim to reset their two-factor authentication for their account on the Gemini cryptocurrency exchange.<p>The FBI raided a luxury home in Miami in connection to the theft, and arrested two men in their early twenties. Authorities worked with crypto investigators including zachxbt to trace the stolen funds.</p>

"Police Arrest Two People Related to $243M Crypto Heist Targeting Genesis Creditor"

Gemini phishing attack

Arrests made after $243&nbsp;million stolen from one individual in Gemini phishing attack

After a $230&nbsp;million "suspicious transfer", Indian cryptocurrency exchange WazirX has paused withdrawals and acknowledged that one of their <button class="define-target" id="multisig">multisignature</button> wallets was compromised. The attacker began selling off the tokens, causing the price of tokens like Shiba Inu to drop around 10%.<p>WazirX is the largest cryptocurrency exchange in India. The company was acquired by Binance in 2019, but the two companies re-separated in 2023 after a bizarre public dispute.</p><p>WazirX's June 2024 proof-of-reserves reported around $500&nbsp;million in total holdings, making the $235&nbsp;million theft a substantial portion of the assets held at the exchange.</p><p>Blockchain sleuth zachxbt observed that the theft had some of the hallmarks of the Lazarus Group, a North Korean hacking group that has perpetrated other 9-figure heists including the <a href="https://www.web3isgoinggreat.com/?id=axie-infinity-suffers-625-million-exploit" target="_blank">$625&nbsp;million <i>Axie Infinity</i> theft</a> in March 2022, and the <a href="https://www.web3isgoinggreat.com/?id=atomic-wallet-hacks-total-over-35-million" target="_blank">theft of more than $100&nbsp;million from Atomic Wallet users</a>.</p>

"India’s WazirX confirms security breach following a $230M ‘suspicious transfer’"

"WazirX Publishes June 2024 Proof of Reserves Report; Total Holdings Valued at Rs 4203 Cr."

WazirX hack

WazirX exchange hacked for $235&nbsp;million

Babel Finance, a crypto lender that <a href="https://web3isgoinggreat.com/?id=babel-finance-suspends-withdrawals-and-redemptions" target="_blank">suspended withdrawals</a> in mid June, sustained "massive losses" thanks to its proprietary trading desk, which was trading with customer funds. According to a restructuring plan viewed by Bloomberg, Babel's prop desk lost around 8,000&nbsp;BTC and 56,000&nbsp;ETH, valued at around $225&nbsp;million at the time of the loss. The trading team was not using risk controls, and their unhedged position led to forced liquidations that made Babel's lending and trading departments unable to meet its margin calls from counterparties like <a href="https://web3isgoinggreat.com/?id=zipmex-indefinitely-halts-withdrawals" target="_blank">Zipmex</a>.

"Troubled Crypto Lender Babel Lost Big While Trading Client Funds"

Babel Finance collapse

Restructuring plans reveal Babel Finance's $225&nbsp;million losses during crypto market dip

At least according to the rather shady Tether stablecoin provider, the U.S. Department of Justice has been working on an investigation into a massive "<button class="define-target" id="pig-butchering">pig butchering</button>" romance scam and human trafficking operation based out of Southeast Asia.<p>According to Tether, they "voluntarily fr[oze] approximately 225 million in USDT tokens" in connection to the investigation.</p><p>Some romance scammers hoping to lure victims into sending them cryptocurrencies <a href="https://www.bloomberg.com/news/features/2023-08-17/my-crypto-hell-journey-started-with-a-wrong-number-scam-text" target="_blank">are themselves victims of human trafficking operations</a>, where they are held victim and forced to send such messages.</p>

"Following Investigations by Tether, OKX, and the U.S. Department of Justice, Tether Voluntarily Freezes 225M in Stolen USDT Linked to International Crime Syndicate"

Crypto romance scam in Southeast Asia

DOJ cracks down on $225&nbsp;million crypto romance scam

BitMart, "the most trusted cryptocurrency trading platform", experienced a major breach in which attackers stole approximately $200&nbsp;million of various cryptocurrencies. The CEO attributed the exploit to a stolen <button class="define-target" id="private-key">private key</button>, and promised to compensate users who were impacted.

"Hackers Steal $150M From Crypto Exchange Billed as 'Most Trusted'"

"BitMart says it will compensate victims of $196 million hack and restore trading by Tuesday"

BitMart hack

Hackers steal about $200 million from BitMart

After <a href="https://web3isgoinggreat.com/?id=hodlnaut-halts-withdrawals" target="_blank">halting withdrawals</a> on August 8, Singaporean crypto lender Hodlnaut has applied for protection against creditors: a process similar to the U.S. Chapter 11 bankruptcy.<p>They explained in a statement that they made the decision in order to try to avoid forced asset liquidation, "as it is a suboptimal solution that will require us to sell our users' cryptocurrencies at these current depressed asset prices".</p>

"Crypto Lender Hodlnaut Applies for Creditor Protection in Singapore"

Hodlnaut collapse

Hodlnaut applies for creditor protection

The operators of the Mixin Network disclosed that hackers had stolen around $200&nbsp;million in funds in the largest known hack of the year (to date). Mixin Network is a cross-chain project that boasts zero transaction fees.<p>In their announcement, Mixin wrote that "the database of Mixin Network's cloud service provider was attacked by hackers", leading to some confusion as Mixin is supposed to be a decentralized network that ostensibly shouldn't <i>have</i> a centralized cloud database.</p><p>Mixin announced they would be suspending deposits and withdrawals pending analysis of the incident. They also told users that they would be compensated "up to a maximum of 50%" on assets that had been stolen from them, and receive "tokenized liability claims" (that is, IOUs) for the rest.</p>

Mixin Network hack

Mixin Network discloses $200&nbsp;million hack

The decentralized lending platform Euler Finance suffered a <button class="define-target" id="flash-loan">flash loan</button> attack in which an exploiter stole $197&nbsp;million from the project. The attacker stole $8.7&nbsp;million in the Dai <button class="define-target" id="stablecoin">stablecoin</button>, $18.5&nbsp;million in <button class="define-target" id="wrapped-token">wrapped</button> Bitcoin, $135.8&nbsp;million in Lido staked Ethereum (stETH), and $33.8&nbsp;million in the USDC stablecoin. Although Euler was well known for its many code <button class="define-target" id="audit">audits</button>, the project had later added a vulnerable function that had not been as heavily audited.<p>Euler announced that they were aware of the exploit, and were "working with security professionals and law enforcement".</p><p>On April 3, Euler Finance announced that they had completed successful negotiations, and that "all of the recoverable funds taken from the Euler protocol on March 13th have now been successfully returned by the exploiter". Unfortunately, based on on-chain transfers, this appeared to only be around $31&nbsp;million.</p>

"Hackers steal around $200 million from crypto lender Euler Finance"

"Euler Finance Exploiter Returns All ‘Recoverable Funds’ From $200M Hack"

Euler Finance hack

Euler Finance exploited for almost $200&nbsp;million

After the Hong Kong-based JPEX exchange limited withdrawals amidst what appeared to be an <a href="https://web3isgoinggreat.com/?id=jpex-issues" target="_blank">impending collapse of the platform</a>, things are now looking a lot more like fraud.<p>Police have received more than 2,200 complaints pertaining to the exchange, involving $191&nbsp;million (and counting) in possible losses. Eleven people, including various crypto influencers who had promoted the exchange, were taken in for questioning. However, police have said those eleven people were not likely central to the fraud, and that the leaders of the JPEX project are on the run.</p><p>According to the <i>South China Morning Post</i>, "The alleged case of financial fraud involving HK$1.37 billion is the largest of its kind in Hong Kong's history."</p>

"Hong Kong JPEX scandal: who are the suspects arrested so far and how are they tied to cryptocurrency platform?"

JPEX collapse

JPEX appears to be a $191&nbsp;million fraud

After an attacker began exploiting a vulnerability in the Nomad <button class="define-target" id="bridge">bridge</button>, many people rushed to replicate the attack and steal some of the roughly $190&nbsp;million of various cryptocurrencies in the bridge. Some didn't seem to think through the consequences of using wallets tied to their real-life identities to exploit the vulnerability, which should be interesting to watch.<p>Nomad posted on Discord and tweeted that they were "aware of the incident" and "investigating", but the attack was ongoing over an hour after the acknowledgement.</p><p>Four days before the attack, Nomad announced that they'd raised a $22.4&nbsp;million seed round from investors including Coinbase, OpenSea, and Crypto.com.</p>

Nomad bridge hack

People rush to steal some of the $190&nbsp;million in the Nomad bridge after an exploit is discovered

All my magic beans gone. An attacker successfully used a <button class="define-target" id="flash-loan">flash loan</button> attack to exploit a flaw in Beanstalk Farms' stablecoin protocol, which allowed them to make off with 24,830&nbsp;ETH (almost $76&nbsp;million). The attacker then donated $250,000 to Ukraine before moving the remaining funds to Tornado Cash to <button class="define-target" id="tumbler">tumble</button>.<p>Estimated damages to the project were higher than the amount the hacker was able to take for themselves — around $182&nbsp;million. The $BEAN token, once pegged to $1, dropped to nearly 0. The project creator wrote in the Discord, "We are fucked. This project has not had any venture backing, so it is highly unlikely there is any sort of bail out coming." However, they were later slightly more optimistic, writing, "it may also be the start of something good... there may be a path forward. We don't want to comment on next steps until that path is at least visible to us" while reiterating that a bail-out was "highly unlikely". They also told members of their community that they had contacted the FBI about the theft.</p>

Beanstalk Farms hack

Beanstalk Farms stablecoin project loses $182&nbsp;million to exploit

The algorithmic market maker Wintermute suffered a major hack, according to their CEO. He estimated the loss at around $160&nbsp;million, also writing that the company is "solvent with twice over that amount in equity left".<p>Wintermute hasn't disclosed more about the attack, but it's possible that the hacker may have exploited the <a href="https://web3isgoinggreat.com/?id=vulnerability-discovered-in-vanity-wallet-generator-puts-millions-at-risk" target="_blank">vulnerability in the vanity wallet address generator Profanity</a>, which was disclosed five days prior. The crypto asset vault admin had a wallet address prefixed with <code>0x0000000</code>, a vanity address that would have been susceptible to attack if it was created using the Profanity tool.</p><p>This is the second incident involving Wintermute in the past few months. In June, the group provided the wrong wallet address to the Optimism project, and Optimism sent 20&nbsp;million&nbsp;OP tokens to a non-existent address. Another person noticed the error before they did and was able to take the tokens. They ultimately returned 17&nbsp;million of the tokens to Wintermute, keeping the rest as a "<button class="define-target" id="bug-bounty">bounty</button>". $OP have been trading at around $1 as of mid-September.</p>

"Experts blame a 'vanity address' bug for Wintermute's $160 million hack"

Wintermute hack

Wintermute hacked for $160&nbsp;million

Freeway, a financial scheme where users buy "Superchargers", which are crypto "simulations" that promise to pay out rewards of up to 43% annually, seems to have taken the off-ramp. The project announced to its users that due to "unprecedented volatility in Foreign Exchange and Cryptocurrency markets in recent times", they would be pausing their Supercharger program. The project reportedly halted withdrawals on more than $160&nbsp;million worth of assets.<p>Worryingly, the company also removed all mentions of its team from their website, and reportedly removed an attestation to the company's financial backing as well.</p><p>The day before the project announced the pause, crypto whistleblower and researcher FatMan published a Twitter thread urging people to withdraw funds immediately because he believed they were operating a Ponzi scheme. "In my opinion, it's likely that Freeway will collapse within the next few months and that all depositors will lose everything."</p>

Freeway rug pull

Freeway halts withdrawals, accused of $160&nbsp;million rug pull

Robert Leshner, the founder of Compound Labs, took an unusual approach when trying to recoup funds that were mistakenly distributed through a $160 million bug in the protocol. He tweeted, "Please return [the funds]. Keep 10% as a white-hat. Otherwise, it's being reported as income to the IRS". The threats were not received particularly well, with some questioning what assumptions Leshner was making about his typical user's tax status, and Leshner subsequently apologized for his "bone-headed" tweet.

"Bug puts $162 million up for grabs, says founder of DeFi platform Compound"

"Compound bug leaves $80 million in COMP at risk of being misrewarded"

Compound Finance bug

Founder of DeFi platform Compound threatens users who received mistaken payments with the IRS

The decentralized exchange BXH was exploited for $139&nbsp;million. BXH CEO Neo Wang attributed the exploit to a compromised administrator key, which he said suggested either a staff member's computer was breached, or a staff member themselves was behind the theft. BXH offered a reward to the hacker if they returned the funds, and offered a $1&nbsp;million <button class="define-target" id="bug-bounty">bounty</button> to any person who could help retrieve the funds, but was ultimately not successful in having the money returned.

"$139M BXH Exchange Hack Was the Result of Leaked Admin Key"

BXH exchange hack

BXH exchange exploited for $139&nbsp;million

Stolen <button class="define-target" id="private-key">private keys</button> from the blockchain gaming platform Vulcan Forged enabled attackers to siphon funds out of just shy of 100 user wallets. Rather than users managing their own private keys, this is done by the platform, suggesting the issue was not user error. The project says it plans to reimburse users.

"Hackers Steal $140 Million From Users of Crypto Gaming Company"

"96 private keys stolen from Vulcan Forged in $140 million theft"

Vulcan Forged hack

Vulcan Forged users lose a collective $135 million in hack

Crypto lending service C.R.E.A.M. Finance lost $130&nbsp;million in a <button class="define-target" id="flash-loan">flash loan</button> attack. It was the third hack of the platform this year, following a $37.5&nbsp;million hack in February and an $18.8&nbsp;million attack in August.

"Cryptocurrency Loan Platform Implodes In $130 Million Hack"

"Ethereum DeFi protocol Cream Finance hacked for more than $130 million"

C.R.E.A.M. hack &#35;3

DeFi platform C.R.E.A.M. is hacked for a third time, this time for $130 million

Blockchain watchers observed $130&nbsp;million in various assets flowing out of the Multichain blockchain bridge, questioning whether there had been an exploit. Multichain tweeted, "The team is not sure what happened and is currently investigating," and recommended users stop using the service and revoke contract approvals.<p>Several hours later, Multichain wrote that they had stopped service, and that "all bridge transactions will be stuck on the source chains. There is no confirmed resume time."</p><p>In May, <a href="https://web3isgoinggreat.com/?id=transactions-stuck-on-multichain-blockchain-bridge-due-to-force-majeure" target="_blank">Multichain suffered a bizarre slew of issues</a>, culminating in the project team admitting that their CEO had gone missing and could not be contacted. So far, they have not reported his return.</p><p>This is also not the first hack suffered by Multichain. In January 2022, the project, bafflingly, <a href="https://web3isgoinggreat.com/?id=multichain-publicly-announces-vulnerability-and-is-quickly-hacked" target="_blank">publicly announced a security vulnerability that was affecting their tokens, without first instructing users to safeguard their tokens</a>. Attackers quickly followed the instruction manual provided to them by Multichain, making off with around $3&nbsp;million in assets.</p>

"Multichain halts on suspected $130M hack, 1 month after CEO disappeared"

Multichain suspected hack #2

Multichain shuts down amidst $130&nbsp;million suspected hack

A company that promised an app that could identify dogs by their nose-prints — built on the blockchain, of course — has been alleged by South Korean police to be "a typical <button class="define-target" id="ponzi">Ponzi scheme</button>" that lured investors with promises of up to 150% returns in 100 days. The company raised around ₩166.4&nbsp;billion (~$127&nbsp;million) from approximately 22,000 people. The victims, according to Korean police, are mostly "in their 60s or older with no expertise in cryptocurrencies".<p>As for the noseprint reader, well, it was found to be a fake product that (shockingly) didn't use a blockchain at all. The company had also promised to build "theme parks for pets", but had not leased any of the sites it had identified.</p>

"'Blockchain for dog nose wrinkles' Ponzi makes off with $127m"

Dog noseprint Ponzi scheme

Ponzi scheme promising a blockchain app to identify dogs by their nose-prints scams investors out of $127&nbsp;million

Assets including Bitcoin, Ethereum, and Tron's TRX token, priced at more than $126&nbsp;million, were stolen from Justin Sun's Poloniex cryptocurrency exchange. Researchers are still homing in on the exact amount of funds that were stolen from the company's <button class="define-target" id="hot-wallet">hot wallets</button> across multiple blockchains, but suffice to say it's a lot.<p>Poloniex was initially tight-lipped, posting on Twitter that they had "disabled for maintenance" an exchange wallet. Justin Sun later updated that they were investigating the "hack incident", and promised to "fully reimburse" the massive theft... somehow. He later tweeted that they would offer a 5% "<button class="define-target" id="bug-bounty">bounty</button>" to the hacker if they returned the funds within a week, threatening to "engage law enforcement" otherwise.</p>

"Justin Sun-Owned Exchange Poloniex Hacked for At Least $126 Million"

Poloniex hack

Poloniex hacked for more than $120&nbsp;million

The US-based company Coin Cloud, which operates crypto ATMs in the US and Brazil, filed for bankruptcy on February 7. They are the second largest crypto ATM operator in the world, and also in the US.<p>The company disclosed liabilities between $100&nbsp;million and $500&nbsp;million, and assets between $50&nbsp;million and $100&nbsp;million. In a filing, they reported they had 5,001–10,000 creditors.</p><p>By far the largest creditor is Genesis, a crypto lending firm that is also undergoing bankruptcy proceedings. Coin Cloud has a $116&nbsp;million loan from Genesis, around $108&nbsp;million of which is unsecured. Coin Cloud also owes a $7.6&nbsp;million secured debt to crypto lending firm Enigma.</p><p>According to Coin Cloud, contributing to their bankruptcy was a $35&nbsp;million deal with a vendor who they allege sold them faulty ATMs in February 2021, and with whom they are in litigation. Furthermore, in September 2021, the firm providing Coin Cloud's ATM software tried to terminate their software agreement, and pushed a software update that rendered the machines inoperable, causing days- or weeks-long outages. Coin Cloud decided to deploy unfinished ATM software that they had been using internally, and which was quickly hacked for around $6.5&nbsp;million. Finally, Coin Cloud claims a chief marketing officer they hired lied about his credentials, and then spent $20&nbsp;million more than he was budgeted.</p>

Cash Cloud, Inc. (dba Coin Cloud) Declaration in Support of First Day Motions

Cash Cloud, Inc. (dba Coin Cloud) Official Form 201

"Coin Cloud crypto ATM operator files for bankruptcy, owes over $100M to Genesis"

Coin Cloud bankruptcy

Coin Cloud crypto ATM operator files for bankruptcy

A hacker was able to use a compromised Cloudflare API key to inject malicious code into the BadgerDAO platform via Cloudflare Workers. They then siphoned currency of various kinds, equivalent to approximately $120&nbsp;million, out of user accounts over approximately two weeks before being discovered.

"Hacked Cryptocurrency Platform Begs Hacker to Please Return $119 Million"

"Badger DAO Protocol Suffers $120M Exploit"

BadgerDAO hack

$120 million is stolen from BadgerDAO

Mango Markets, a Solana-based <button class="define-target" id="defi">defi</button> project offering borrowing, lending, and leverage trading, was exploited for $116&nbsp;million. An attacker manipulated the supposed value of their collateral on the platform, allowing them to take out massive loans from the project treasury that they never repaid. In total, they stole around $116&nbsp;million worth of Solana tokens. However, only a few exchanges have sufficient liquidity to support exchanging or withdrawing that quantity of tokens, and those exchanges (Coinbase, Binance, and Kraken) froze the attacker's wallets.<p>Mango Markets posted on Twitter to urge users not to deposit into the project, and asked the hacker to contact them "to discuss a <button class="define-target" id="bug-bounty">bug bounty</button>". The hacker had their own plans, instead submitting a governance proposal in which they would return $46&nbsp;million of the stolen funds (keeping $70&nbsp;million) in exchange for a promise that the protocol would not try to freeze the assets or pursue criminal charges. The hacker then used their 32&nbsp;million governance tokens to vote in support, but ultimately were not able to get the proposal to pass. A different proposal with largely the same terms, but which left the attacker with only $47&nbsp;million of the stolen funds, passed shortly after.</p>

Mango Markets exploit

Mango Markets suffers loss of more than $116&nbsp;million

Justin Sun confirmed that HTX (formerly Huobi) and its related Heco Chain protocol were hacked for a combined $115&nbsp;million. It's been a rough few weeks for Sun, whose <a href="https://web3isgoinggreat.com/?id=poloniex-hack" target="_blank">Poloniex exchange was hacked for around $120&nbsp;million</a> on November 10, and a rough few months for HTX, which was <a href="https://web3isgoinggreat.com/?id=huobi-exchange-hacked" target="_blank">hacked for $8&nbsp;million</a> in late September.<p>HTX suspended withdrawals as they investigated the hack, and wrote that the company would "fully compensate for HTX's <button class="define-target" id="hot-wallet">hot wallet</button> losses". Security firm Cyvers said they believed the theft was enabled by a <button class="define-target" id="private-key">private key</button> leak.</p>

"Justin Sun Confirms HTX, Heco Chain Exploited After $100M in Suspicious Transfers"

HTX and Heco Chain hack

HTX (fka Huobi) and Heco Chain hacked for $115&nbsp;million

Hackers were able to discover and exploit a bug in the decentralized exchange Maiar, stealing assets notionally worth $113&nbsp;million. Maiar developers took the exchange offline soon after discovering the exploit, but not before the hackers made off with 1.65&nbsp;million EGLD (the native token of the Elrond blockchain, on which Maiar is built). The sale of around $54&nbsp;million of the pilfered EGLD caused the token to plummet from $76 to $5 on the Maiar exchange.<p>Maiar's founder and CEO has claimed that "most exploited funds have been either recovered in full, or will be covered by the Elrond Foundation", though it's not clear how (or if) any of the funds were recovered.</p>

"Decentralized Crypto Exchange Offline After Hacker Steals $113M"

Maiar exchange hack

Decentralized exchange Maiar exploited for $113&nbsp;million

Blockchain sleuth zachxbt noticed the strange movement of around 213&nbsp;million XRP, the native token for the Ripple project. These tokens were priced at around $112.5&nbsp;million at the time of the theft. He originally identified the source of funds as Ripple itself, though Ripple CEO Chris Larsen later went on Twitter to claim that the funds that were stolen had come from his personal wallets and not from wallets belonging to the Ripple project.<p>Larsen attempted to downplay the massive theft, claiming repeatedly that the theft did not represent a threat to Ripple itself, and trying to reassure people that Ripple wallets are still safe. However, fears over a threat to Ripple itself and the true separation between Larsen's wallets and those belonging to the Ripple project continued, and XRP dipped around 5% on the news.</p>

"Hackers steal $112 million of XRP Ripple cryptocurrency"

Chris Larsen XRP theft

$112.5&nbsp;million in XRP stolen from Ripple CEO Chris Larsen

Only five days after <a href="https://web3isgoinggreat.com/?id=multichain-suspected-hack" target="_blank">$130&nbsp;million was emptied</a> from the Multichain blockchain bridge, another $107&nbsp;million in a wide range of assets has been taken. After the first theft, Multichain urged users to stop using the project and revoke contract approvals, but a large quantity of assets remained on the service.<p>People are becoming increasingly suspicious that the Multichain thefts may be an inside job, not least because <a href="https://web3isgoinggreat.com/?id=transactions-stuck-on-multichain-blockchain-bridge-due-to-force-majeure" target="_blank">Multichain's CEO suddenly disappeared</a> in late May and hasn't been located since.</p>

Event	Date	Amount More info	Recovered More info
Terra/Luna collapse	May 9, 2022	$40,000,000,000
FTX collapse	November 11, 2022	$8,700,000,000	$7,000,000,000
Genesis bankruptcy	January 19, 2023	around $5,100,000,000 in liabilities
Africrypt exit scam	April 13, 2021	$3,600,000,000
Three Arrows Capital collapse	June 29, 2022	$3,300,000,000
Thodex exit scam	April 21, 2021	$2,000,000,000
Celsius collapse	July 13, 2022	~$1,700,000,000 shortfall
BlockFi bankruptcy	November 28, 2022	at least $1,300,000,000 in liabilities
HyperVerse scam	December 13, 2023	$1,300,000,000
NovaTech and AWS Mining crypto pyramid schemes	June 6, 2024	$1,000,000,000
Genesis owes Gemini	December 3, 2022	$900,000,000
FTX MobileCoin exploit	April 1, 2021	$800,000,000
Axie Infinity bridge hack	March 29, 2022	$625,000,000	$5,700,000
Poly Network hack #1	August 11, 2021	$611,000,000	$611,000,000
Binance bridge hack	October 6, 2022	$586,000,000	$430,000,000
Waves protocol losses	April 1, 2022	$530,000,000
FTX hack	November 11, 2022	$477,000,000
Voyager Digital bankruptcy	July 6, 2022	~$430,000,000 shortfall
Wormhole bridge hack	February 2, 2022	$320,000,000	$140,000,000
DMM Bitcoin loss	May 31, 2024	$308,000,000
Himachal Pradesh scam	November 6, 2023	$300,000,000
Gemini phishing attack	September 19, 2024	$243,000,000	$500,000
WazirX hack	July 18, 2024	$235,000,000
Babel Finance collapse	July 29, 2022	$225,000,000
Crypto romance scam in Southeast Asia	November 20, 2023	$225,000,000
BitMart hack	December 4, 2021	$200,000,000
Hodlnaut collapse	August 16, 2022	around $200,000,000 in liabilities
Mixin Network hack	September 23, 2023	$200,000,000
Euler Finance hack	March 13, 2023	$197,000,000	$197,000,000
JPEX collapse	September 25, 2023	$191,000,000
Nomad bridge hack	August 1, 2022	$190,000,000	$37,000,000
Beanstalk Farms hack	April 17, 2022	$182,000,000
Wintermute hack	September 20, 2022	$160,000,000
Freeway rug pull	October 23, 2022	$160,000,000
Compound Finance bug	September 30, 2021	$147,000,000
BXH exchange hack	November 1, 2021	$139,000,000
Vulcan Forged hack	December 13, 2021	$135,000,000
C.R.E.A.M. hack #3	October 27, 2021	$130,000,000
Multichain suspected hack #2	July 6, 2023	$130,000,000
Dog noseprint Ponzi scheme	June 22, 2023	$127,000,000
Poloniex hack	November 10, 2023	$126,000,000
Coin Cloud bankruptcy	February 7, 2023	at least $123,600,000 in liabilities
BadgerDAO hack	December 1, 2021	$120,000,000
Mango Markets exploit	October 11, 2022	$116,777,480	$67,000,000
HTX and Heco Chain hack	November 22, 2023	$115,000,000
Maiar exchange hack	June 5, 2022	$113,000,000
Chris Larsen XRP theft	January 31, 2024	$112,500,000	$4,200,000
Multichain theft #3	July 10, 2023	$107,000,000
OmegaPro founder arrested	July 9, 2024	$103,000,000
Horizon Bridge hack	June 23, 2022	$100,000,000