Crypto Hacks on the Rise, Eureka Trading Offers $3 million Reward for Lost Crypto
Crypto Hacks on the Rise, Eureka Trading Offers $3 million Reward for Lost Crypto
Crypto exchange Eureka Trading commits a $3 million reward prize for those who could help in recovering its lost funds.
The platform lost $15 million worth of crypto funds on a private key leak earlier. In a Tweet posted on April 16, founder Kuan Sun said they will be giving away no less than 20% of the fund stolen as a bounty, equivalent to $3 million in current price.
Eureka Trading is the first financial derivative service provider in the crypto space holding $500 million worth of assets. It generates a monthly trading volume of $50 million, and the $15 million lost funds made a significant dent on its operations.
Earlier in April, DeFi platform Sentiment announced the return of 90% of its hacked funds after giving out a $100,000 bounty during the negotiation, beincrypto.com reports.
Despite the fact that there are instances where attackers return their ill-gotten wealth for some reward, security is a rising concern in the DeFi space.
Last week, Coindesk reported the hacking of the Singapore-based crypto platform Bitrue which drained $23 million off its wallet during the process.
Among the collected funds are in ETH, QNT, SHIB, and MATIC which are among the most-traded cryptocurrencies during the week.
There have been 203 hacking incidents in the first three months of 2023, blockchain security platform CertiK reports. The damage totalled to $320 million, raising concerns about the future of decentralized platforms.
Ethereum remains the most-targeted blockchain network, being the biggest smart contract platform in the world. It generated 29 hacking incidents so far, amounting to $221.8 million.
BNB follows with a higher incident count than Ethereum at 139, luckily at a lower cost of $23.9 million. Other frequently-targeted platforms that made the list are Arbitrum, Avalanche, Multichain, Polygon, and Solana.
