In a concerning development for the cryptocurrency world, hackers have shifted their focus to prominent information websites, with Cointelegraph (CT) and CoinMarketCap (CMC) recently falling victim to cyberattacks. The alert was sounded by CZ, CEO of Binance.
in a post on X earlier today, highlighting a pattern of breaches that began with CMC two days ago and now includes CT. This wave of attacks underscores a dangerous new trend where hackers exploit vulnerabilities in wallet connection authorizations, putting users’ funds at risk.
According to CZ’s post, the CMC hack affected 39 victims, resulting in a combined loss of $18,570. In a commendable move, CoinMarketCap has pledged to cover all losses, signaling a proactive stance to rebuild trust amid rising security concerns. This comes as the crypto industry faces increasing scrutiny, with a 2023 Journal of Cybersecurity study reporting a 40% surge in wallet-related hacks, and a 2024 Chainalysis report noting exchanges are stepping up to absorb losses to protect their user base.
The attacks highlight vulnerabilities in decentralized finance (DeFi), where a 2022 MIT study found that 65% of dApp users fail to verify connection security. Experts warn that authorizing wallet connects without due diligence can expose users to significant risks. CZ’s advice to “be careful when authorizing wallet connect” is a critical reminder for the community to adopt safer practices, such as using verified protocols like WalletConnect and regularly auditing security settings.
CoinCryptoNewz urges all crypto enthusiasts to stay informed, double-check website authenticity, and enable multi-factor authentication. As hackers evolve their tactics, user education and robust security measures will be key to safeguarding the ecosystem. Stay vigilant, and let’s work together to protect our digital assets in this ever-changing landscape.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
