- Uniswap founder Hayden Adams acknowledges crypto scams but says scams are prevalent elsewhere.
- Chainalysis report shows crypto thefts by DPRK-linked hackers surged to $1.34 billion in 2024.
- DPRK’s Lazarus Group stole nearly $1.5 billion worth of Ether from Bybit in a single attack.
Crypto scams are a growing concern, but Uniswap founder Hayden Adams is offering a balanced perspective. Adam acknowledged the issues of scams within the crypto space, stating that “yes, there are a lot of scams in crypto, it’s a big problem, and something we should work hard to combat.”
However, the founder of one of the largest DeFi exchanges also points out that scams are not unique to crypto. He argues that the world outside of crypto is “filled with scams, often harder to spot and even more malicious.” This perspective challenges the narrative that fraudulent activity is exclusive to the cryptocurrency sector.
While Adams highlights the prevalence of scams in general, the scale of some crypto crimes is undeniable. A recent Chainalysis report reveals that crypto scam by the notorious DPRK-linked hackers surged to $1.34 billion in 2024, more than double the previous year and the highest annual total ever recorded.
In one particularly brazen attack, DPRK’s Lazarus Group stole nearly $1.5 billion worth of Ether from Bybit on February 21, 2024, exceeding last year’s total in a single heist.
Lazarus Group’s Crypto Scam Spree, Steals More Than Vitalik Buterin Holds
As reported by TronWeekly, the hackers used sophiscated methods and conducted the attack through thousands of separate transactions to hide their path. On-chain experts like SomaXBT acknowledged the difficulty in tracing small portions of the stolen funds.
As per, Chainalysis, $40 million had been seized from the hack so far, but reports indicate that the hackers still control a substantial amount of ETH. This amount surpasses the holdings of prominent figures like Ethereum co-founder Vitalik Buterin.
Bybit has offered a 5% bounty to exchanges, bridges, and mixers that help freeze stolen funds and a 10% reward for returning the assets. The situation is still unfolding as authorities and Bybit continue to track and recover stolen funds.
These figures underscore the significant risks associated with crypto, and the need for the crypto community to remain vigilant in combating fraud.