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Blockchain security firm PeckShield reported a significant surge in financial losses from crypto thefts last month.
According to the findings of their latest social media platform, X, hackers managed to steal approximately $360.83 million worth of crypto assets in February. This marks a substantial increase from the $182.54 million reported in January.
PlayDapp and FixedFloat Among Hardest Hit
Among the victims, the crypto gaming platform PlayDapp (PLA) suffered the most, accounting for most of the stolen funds, with losses totaling $290 million from two separate security breaches.
Despite PlayDapp's attempt to recover the funds by offering a $1 million white hat reward, the hackers opted to launder the money, as blockchain analytics firm Elliptic reported. Following closely behind, the automated crypto exchange FixedFloat incurred losses of $25.85 million.
Individual Losses and Assurance from Axie Infinity Founder
Jeff "Jihoz" Zirlin, founder of the blockchain-based game Axie Infinity (AXS) and the gaming-centric Ethereum (ETH) sidechain Ronin (RON), found himself among the victims as well. However, he clarified that the breach, which drained $9.7 million worth of crypto assets from his wallets, only impacted his accounts and did not affect the validation or operations of the Ronin chain.
Based on a report by Daily Hodl, Zirlin also reassured stakeholders that the leaked keys were unrelated to Sky Mavis operations, emphasizing the stringent security measures in place for all chain-related activities.
Additional Losses Incurred by Shido and Seneca
In addition to the prominent cases mentioned, layer-1 blockchain Shido (SHIDO) and stablecoin protocol Seneca (SEN) experienced losses of $7.3 million and $6.9 million, respectively.
Despite the staggering losses, PeckShield highlights that only a fraction of the stolen assets have been recovered.
According to Crypto News, though the precise scale of criminal activity in February remains uncertain, as victims typically refrain from reporting such incidents, the most recent statistics indicate a rise compared to February 2023. During that period, the market suffered losses totaling $30.6 million due to hacker attacks.
Their data reveals that approximately $6.7 million has been returned, constituting around 1.8% of the stolen funds. The firm underscores the severity of the situation, reporting that hackers orchestrated over 21 attacks in February 2024, representing a staggering 97.6% increase compared to the previous month.
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