According to ZachXBT, a crypto and blockchain investigator and analyst, an unidentified trader has lost a whopping $230 million to a crypto hack. 

The unsuspecting victim transferred 4064 BTC in a series of transactions to an address. The transfers came from different wallets, including bc1qaa05uyy42f8x4yfypk7pls5nh8w8wypft9euhx, bc1q42t7e0gdjwk6w9gha3q000ph6c2899ang4yckd, bc1qlxgm3w46n9j6rwvc486xz5z99wydttgkk6cjkf, bc1qlxgm3w46n9j6rwvc486xz5z99wydttgkk6cjkf, bc1q0sjvzcq3pk58nt480n7mzx66yry2ylaca9vyaj, and bc1q42t7e0gdjwk6w9gha3q000ph6c2899ang4yckd.

The lost funds are currently worth about $238,617,760, with Bitcoin’s value at $58,715 at the time of writing.

Right after the victim made the transfer, the threat actor immediately dispersed the funds into ThorChain, eXch, Kucoin, ChangeNow, Railgun, and Avalanche Bridge.

ZachXBT said he does not have the full details of the hack yet, but the investigation is ongoing.

Crypto Hacks on the Rise

The cryptocurrency space has witnessed numerous instances of traders and institutions suffering substantial losses through hacking incidents.

For instance, reports from the cybersecurity firm Peckshield showed that the crypto market suffered crypto hacks in February, resulting in a $360.8 million loss. Of the numerous hack incidents, 21 were more notable.

Another report also revealed that crypto traders lost about $176.2 million in June 2024. Although the June report indicated a decrease in severity compared to the February records, the persistent threat of crypto hacks and resulting losses remains a pressing concern in the industry.

Indian Crypto Exchange WazirX Suffers Over $230M Cyber Hack

In July, the crypto space recorded one of the largest crypto exchange thefts ever recorded. Hackers infiltrated the network of WazirX, a popular Indian crypto exchange, and made away with about $230 million worth of users’ crypto assets.

The threat actor transferred about $234.9 million to another wallet address in a series of transactions through privacy protocol, Tornado Cash. The hacker went on to swap the stolen (PEPE), Gala (GALA), and Tether (USDT) assets into Ethereum (ETH).

Following the attack, WazirX promised to pay 10% of the stolen amount or up to $23 million to any white hat hackers who recovered or frozen the stolen funds. However, the bounty fee led to several debates and skepticisms.

Hackers Strike Nexera (NXRA), Making Off with $1.5 Million

In a recent development, theNexera (NXRA) cryptocurrency project fell victim to a security breach and lost about $1.5 million. The incident was connected to a broader wave of private key compromises, which enabled the attacker to gain unauthorized access.

The attacker’s trail of destruction didn’t start at Nexera. In addition to its latest hack, te hacker had also compromised several other prominent entities, including SpaceCatch, Concentric Finance, OKX DEX, Serenity Shield, and Reach.