January 2024 Blockchain Industry Security Monthly Report

In January 2024, the total loss amount due to security incidents in the blockchain industry was approximately $205 million, an increase of 93% compared to December 2023. Among these, losses from attack incidents amounted to about $161 million, a growth of 71%; losses from phishing scams were approximately $33.31 million, an increase of 247%; and losses from Rug Pull incidents were around $11 million, a rise of 280%.

Hacker Attack

This month, there were 13 typical attack incidents, causing losses of approximately $161 million. The main ones include:

• Ripple co-founder Chris Larsen's personal account was hacked for $112 million.
• South Korea's Web3 social music service SOMESING was attacked, resulting in a loss of $11.58 million.
• Payment platform CoinsPaid was attacked, resulting in a loss of approximately $7.5 million.
• The GAMEE gaming project on the Polygon blockchain suffered an attack resulting in a loss of approximately 7 million USD.
• The MIM_Spell project suffered a loss of 6.5 million dollars due to a contract vulnerability attack.
• Gamma Strategies suffered an attack resulting in a loss of 6.18 million USD.
• The Arbitrum blockchain lending protocol Radiant Capital was attacked, resulting in a loss of approximately $4.5 million.

Phishing Scams and Rug Pull

This month, 11 typical incidents occurred, resulting in losses of approximately 25.11 million USD. The main ones include:

• A certain 0x1749 address suffered a phishing scam loss of 4.7 million USD.
• An address 0x3605 was hacked for approximately $1.3 million due to signing a malicious ERC20 Permit.
• Address 0xd9b7 was hacked for approximately $2.47 million due to signing a malicious transaction.
• An address 0x01be suffered a dusting attack, resulting in a loss of approximately $4.4 million.
• The MangoFarm project on the Solana Blockchain experienced a Rug Pull, with the deployer making a profit of about 2 million dollars.
• Hector Network project on the Fantom Blockchain experienced a Rug Pull, with the deployer profiting approximately $2.7 million.

Cryptocurrency Cases

This month, there have been 10 typical cases, mainly including:

• German police seized approximately $2.1 billion worth of Bitcoin (50,000 BTC)
• U.S. authorities seized cryptocurrency accounts worth $150 million in darknet drug cases.
• The main suspect of the Silk Road case has pleaded guilty, 8100 BTC have been confiscated.
• The first case of digital renminbi "speed score" disclosed in Shanghai
• Zhengzhou concluded the "group" buying and selling virtual currency fraud case, involving more than 1.3 million yuan in illicit funds.

Policy Regulatory Dynamics

• The Hong Kong Securities and Futures Commission has released a three-year policy focus to support the development of virtual assets.
• The Ministry of Industry and Information Technology and others released the "Guidelines for the Construction of Blockchain and Distributed Ledger Technology Standard System"
• South Korea will launch a virtual currency asset tax plan in January 2025.
• The U.S. SEC has filed a lawsuit against the $1.7 billion cryptocurrency Ponzi scheme HyperFund.
• EU banking regulators will conduct a thorough investigation into the links between banks and crypto entities.

Industry Development

• The "Super Brain" Blockchain Hub of Wuhan Smart City is now online.
• Jiangsu Provincial Blockchain Evaluation Center officially approved for establishment
• The first provincial-level Metaverse application scenario innovation engineering research center has been established.
• About ten fund companies are preparing to launch virtual asset spot ETFs in Hong Kong.
• The web3 communication platform Sending Network has released a white paper.