January’s 5 biggest crypto hacks earn criminals $39m
Nearly $50 million was stolen from web3 platforms in the year’s first month as crypto remains engaged in a cyber war with hackers and scammers. Quantstamp, a defi security startup, reported five smart contract protocols with the highest losses from exploits and hackers in January. The five platforms lost $38.9 million to a basket of attack vectors deployed by bad actors. Four days into the year, Gamma Strategies was rocked by a flash loan attack. The code bug allowed exploiters to drain $6.1 million from Gamma’s public-facing vaults. Gamma shut off deposits to resolve the issue, effectively closing the loophole. Although less than $10 million was stolen, roughly $500,000 denominated in Ether (ETH) was at risk during the incident. We have preliminarily reached the root cause of the recent exploit attack on our vaults. Out of abundance of caution, we shut off all deposits on our public-facing vaults — this effectively nullifies the attack any further because a deposit is re...