Crypto Hack Weekly Report: Major Hacks and Market Manipulations Unveiled
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: May 25 2024Crypto Hack Weekly Report:
- Highlights major events in the crypto industry, including Lazarus Group's laundering, Gala Games hack, and arrest of Incognito lord.
- Shows ongoing threats like hacking, increased regulation, and market manipulation in the crypto space.
Lazarus Group Transfers Stolen Crypto to North Korea:
- Moved $147.5 million worth of stolen cryptocurrency to North Korea using Tornado Cash.
- UN report reveals 97 cyberattacks by North Korea on crypto enterprises between 2017 and 2024, resulting in over $3 billion in stolen funds.
Gala Games Suffers $200 Million Hack:
- Attacked with 5 billion unauthorized $GALA tokens minted, valued at $200 million.
- Gala Games intervened, preventing a loss of $21 million and leading to a market capitalization decline followed by recovery.
Kingpin of 'Incognito Market' Dark Web Drug Empire Arrested:
- Rui-Siang Lin, leader of 'Incognito Market,' arrested for running a black market for narcotics.
- Faces life imprisonment after pleading guilty to charges related to operating the illegal drug marketplace from October 2020 to March 2024.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
