On August 18, in their security incident update, General Bytes intimated about a hack where attackers exploited a zero-day vulnerability in the servers of Bitcoin ATMs and managed to dupe investors’ money.
Earlier this month, Solana token witnessed selling pressure on exchanges after users reported about their funds getting drained without their knowledge from their “hot” wallets including Phantom, Slope, and TrustWallet. Thousands of Solana investors suffered a heavy blow. As per reports, Solana is estimated to have recorded a loss of between $5 million to $8 million.
Solana and General Bytes were another fish in the pond of hackers. As per an analysis, nearly $2 billion worth of cryptocurrencies has been stolen in hacks so far this year.
In its mid-year crypto crime update, Chainalysis last week revealed that overall, cryptocurrency transaction volumes this year for both illicit and legitimate entities are tracking behind 2021 through July. Overall, criminal activity appears to be more resilient in the face of price declines — illicit volumes are down just 15% year over year, compared to 36% for legitimate volumes.
According to Chainalysis mid-year report, total scam revenue for 2022 currently sits at $1.6 billion, 65% lower than where it was through the end of July in 2021. The platform cited that the decline appears to be linked to declining prices across different currencies.
Also, the cumulative number of individual transfers to scams year-to-date in 2022, is the lowest it’s been in the past four years.
In Chainalysis views, fewer people than ever are falling for cryptocurrency scams. One reason for this could be that with asset prices falling, cryptocurrency scams — which typically present themselves as passive crypto investing opportunities with enormous promised returns — are less enticing to potential victims.
“We also hypothesize that new, inexperienced users who are more likely to f ..
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