As of August, cryptocurrency users had been robbed of $1.6 billion. By the end of November, that number had grown past $3.5 billion. 👀 How many hacks contributed to this number? Let's find out 👇
. About 20% was recovered, and Nomad announced on Dec. 9 that it was relaunching and would offer a partial refund to users on a pro-rata basis.Witntermute, an automated market maker, had a hot wallet hacked for $160 million spread across 90 different cryptocurrencies, with no more than $2.5 million of any one token taken. The problem appeared to be a flaw in the hot wallet's security rather than Wintermute.
A flaw in the chain's Binance Bridge allowed a hacker to create two million BNB tokens, worth $570 million, out of thin air. Because of that, no individual bridge user was injured. The attack and/or trading strategy worked like this, CoinDesk explained: use $5 million in USDC stablecoins to buy up MNGO tokens and short the token, buy another $5 million worth to hedge, then use other funds to buy up the thinly traded MNGO token, which low liquidity, on the spot market, driving the price from $0.02 to $0.91 in 10 minutes. The second $5 million account was then worth $420 million, and Eisenberg cleaned out MNGO's $116 million liquidity.
This entailed giving back $67 million Which got him little thanks in the Mango community. However, there was a great deal of gloating when an attack on Aave's CURV token failed, leaving him $17 million in the red.Crypto derivatives exchange Derebit was hacked to the tune of $28 million by someone who got into its hot wallets.
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