$93 million in Thorchain losses and $70 million in Phemex hack

This week has been a tough one for decentralized financial (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 crypto coins and wallets have increased, posing new risks for investors and users.

Thorchain faces insolvency crisis

Thorchain revealed a serious financial crisis, with $200 million in debt compared to $107 million in assets. To avoid a complete collapse and prevent a bank run, the team decided to suspend parts of its protocol for three months. This pause is intended to provide time to develop a recovery strategy and stabilize the project’s finances.

Phemex Hack Costs $70 Million

Major security breach forced Singapore-based exchange Phemex to suffer More than $70 million in losses. The security breach continued after hot wallets led to network losses of USDC and ETH alongside Link and several other assets. Security investigators believe North Korean digital criminals orchestrated this attack due to their established history of carrying out large-scale crypto crimes.

SAME ROCKED CORNERS: $Trump and $Melania

Trump-themed meme corners $Trump and $Melania became targets of scamswith fraudsters deceiving investors through fake websites and social media accounts. These schemes have 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 Malware

Internet hackers have begun abusing fake Google ads to create bogus versions of legitimate programs, including Homebrew. Wallet Crypto Users Are Seriously Risky As This Malware Steals Critical Sensitivity Wallet information including passwords with wallet files. Security experts continue to remind crypto holders to inspect ads and always check software download URLs before installation.

Nasdaq X account hacked for $80 million scam

A hacking group gained access to the NASDAQ X official account To increase the price of fake crown memes, until it reached $80 million before it collapsed. This exploit revealed fundamental weaknesses in important profiles while demonstrating the desperate requirement for strong security systems against similar attacks.

As cyberattacks and fraud become more sophisticated, it is essential for investors and platforms to adopt enhanced security measures and remain vigilant to protect their assets and the broader market.