WazirX Hack and Hamster Kombat Phishing Scams: Major DeFi Developments of the Week

Welcome to Finance Redefined, your weekly digest of crucial updates in the decentralized finance (DeFi) space. This week’s developments have been quite impactful, featuring significant security breaches and notable industry shifts.

Major Crypto Hack of 2024: WazirX Loses $235 Million

In a staggering turn of events, WazirX, an Indian cryptocurrency exchange, has fallen victim to the second-largest crypto hack of 2024. Hackers have reportedly stolen over $230 million in digital assets from the platform. Among the stolen funds, nearly $150 million worth of altcoins, including Shiba Inu (SHIB), MATIC, and Pepe (PEPE), have been converted into Ether (ETH). This move likely aims to prevent the stolen assets from being frozen or blacklisted, according to blockchain analytics firm Spot On Chain.

Pixelverse’s PIXFI Token Surges Post-Airdrop

Pixelverse, a gaming and NFT platform on The Open Network (TON), experienced a significant boost with the launch of its native token, PIXFI. Following its much-anticipated airdrop on July 18, the PIXFI token saw its value increase by nearly 50% in the initial hours. The token’s market cap approached $200 million before experiencing a slight pullback. PIXFI is now available on several major exchanges, including Bybit, HTX, Gate, Bitget, and MEXC.

Angel Drainer Phishing App Shut Down

In a notable development for the crypto security community, the infamous phishing app Angel Drainer has reportedly been shut down. This action follows the identification of its developers, according to a report from Match Systems. Angel Drainer was notorious for facilitating over $25 million in losses through phishing schemes, tricking users into approving malicious transactions.

Unexpected Refund: $9.3 Million Returned to Phishing Victim

In an unusual twist, a phishing scammer has returned nearly $9.3 million to a victim after a September 2023 attack. The scammer, who had stolen $24 million, returned the funds in two transactions using the Dai (DAI) stablecoin. This unexpected reimbursement was first identified by Scam Sniffer.

Hamster Kombat Users Face Phishing and Fake Airdrop Scams

Players of the popular Telegram-based game Hamster Kombat are now targets of phishing attacks and fake airdrop schemes. Cybersecurity firm Kaspersky has reported that scammers are exploiting the game’s popularity to trick players into divulging personal information or performing actions that benefit the attackers. One common scheme involves phishing links that promise to convert in-game coins to real currency, requiring Telegram login credentials.

DeFi Market Overview

Despite the week’s negative headlines, the majority of the top 100 cryptocurrencies by market cap have seen positive movement. Solana-based memecoin Dogwifhat (WIF) led the weekly gains with a 54% increase, followed by Worldcoin (WLD), which saw a rise of over 47%. Investor sentiment has improved significantly, as evidenced by the Crypto Fear & Greed Index climbing to 60, indicating a shift from “extreme fear” to “greed.”

Thank you for joining us for this week’s summary of essential DeFi updates. Stay tuned for more insights and developments in the world of decentralized finance next Friday.