Crypto Weekly Hack Report: $93M Losses from ThorChain and $70M Hack on Phemex
This week has been a challenging one for decentralized finance (DeFi) projects and crypto exchanges, with major setbacks highlighting vulnerabilities in the ecosystem. ThorChain announced insolvency, leaving a $93 million deficit, while Singapore-based exchange Phemex suffered a $70 million hack.Meanwhile, scams and malware targeting meme coins and crypto wallets have surged, posing new risks for investors and users alike.ThorChain Faces Insolvency CrisisThorChain revealed a severe financial crisis, with $200 million in debts against $107 million in assets. To avoid a complete collapse and prevent a banking run, the team decided to suspend parts of its protocol for three months. This pause aims to provide time to develop a recovery strategy and stabilize the project’s finances..@THORChain is insolventIn the event of any large debt redemption and/or savers & synths deleveraging, it is certain that TC cannot meet its bitcoin and eth denominated obligations.Validators decided to pause the network while they vote a restructuring plan🔽🧵— TCB (@1984_is_today) January 24, 2025Phemex Hack Costs $70 MillionA major security breach forced Singapore-based exchange Phemex to suffer over $70 million worth of losses. The security breach went after hot wallets leading to network losses from USDC and ETH alongside LINK and multiple other assets. Security investigators believe North Korean digital criminals orchestrated this attack because of their established history of conducting large-scale crypto crimes. Meme Coins Scammed: $TRUMP and $MELANIATrump-themed meme coins $TRUMP and $MELANIA became targets for scams, with fraudsters tricking investors through fake websites and social media accounts. These schemes exploited the growing hype around meme cryptocurrencies, netting scammers $1.25 million. The incidents highlight the risks of investing in viral but unregulated tokens.Fake Google Ads Spread MalwareInternet hackers have started abusing fake Google Ads to create phoney versions of legitimate programs including Homebrew. Crypto wallet users are at serious risk because this malware steals critical sensitive wallet information including passwords together with wallet files. Security experts keep reminding crypto holders to inspect ads and always check the download URLs of software before installation.Nasdaq X Account Hacked for $80 Million ScamA hacking group accessed the Nasdaq X official account to boost the price of fake meme currency STONKS until it reached $80 million before its collapse. This exploit revealed fundamental weaknesses in prominent profiles while demonstrating the desperate requirement for strong security systems against similar attacks.Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Daily Get real-time crypto news, market insights, and blockchain updates. Weekly Stay updated with major trends, funding news, and price analysis. Monthly Receive a detailed report with market analysis and expert predictions.