M2 crypto exchange disclosed that it was hacked for $13.7 million in Bitcoin, Ether, and Solana from its hot wallets. This incident, reported on October 31, 2024, follows the $230 million WazirX hack just months earlier. M2 stated that the situation was resolved, and customer funds were fully restored, reaffirming their commitment to security and customer interests. The onchain investigator ZachXBT indicated that the attack reflects a growing trend in the cryptocurrency sector, where hacks and scams have resulted in significant losses—over $19 billion across 785 incidents in the last 13 years. Centralized exchanges are the most targeted, with the top ten hacks from 2023 and 2024 alone totaling nearly $579 million. The article highlights the challenges these security breaches present for the broader adoption of cryptocurrency, with a reported increase in thefts of 42% in the first quarter of 2024 compared to the prior year.

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