Cyvers in the News

Crypto Exchange M2 Reports $13.7 Million Hack in Security Breach

‍

^{The trouble was first noticed by Cyvers Alerts,} that found suspicious transactions involving M2 on three major networks: Ethereum (ETH), Solana (SOL), and Bitcoin (BTC).

‍

After spotting something unusual, ^{Cyvers tried reaching out to M2 but didn’t get a response at first.} M2 later confirmed that something was wrong and explained what happened.

^{According to Cyvers , the suspicious address collected about $3.7 million} in USDT, 97 million in SHIB, and 1,378 ETH. The hacker then swapped everything into Ethereum and left about $10 million on the Ethereum blockchain.

Cyvers even shared the address for those following the case on Etherscan.

UAE’s M2 crypto exchange hacked for $13.7M, assures full fund recovery

‍

^{Cyvers commented to CryptoSlate that this attack is part of a worrying trend of increasing security breaches in crypto.}

‍

^{Cyvers pointed out that centralized finance (CeFi) platforms have seen a nearly 1,000% spike in security incidents} year over year, while DeFi platforms reported a 25% decrease in losses. However, they remain at risk due to the complexities of smart contracts and protocols.

‍

Crypto Exchange M2 Confirms $13.7 Million Breach, Says Issue Resolved Within 16 Minutes

‍

In a statement shared with Bitcoin.com News, ^{Cyvers said the latest security incident highlights the growing vulnerability of both centralized and decentralized finance} platforms to attacks. However, the security firm noted that centralized finance platforms appear more susceptible, citing a 1,000% surge in the number of incidents compared to a 25% drop in losses for decentralized finance platforms during the same period.

‍
^{Cyvers pointed to the $305 million DMM hack and the $235 million Wazirx heist as examples} of the risks facing cryptocurrency exchanges. The firm urged these entities to adopt better strategies to protect users.