In the first quarter of 2024, the digital asset community suffered significant losses exceeding $500 million due to various hacks and exploits affecting multiple platforms.
Notably, Hedgey Finance, a prominent player in the token infrastructure sector, endured two major security breaches resulting in a combined loss of $44.7 million.
The largest incident involved the theft of over $42.8 million in Arbitrum (CRYPTO:ARB) tokens on the Arbitrum network, with some funds being traced to the Bybit exchange.
Additionally, Hedgey Finance faced another hack on the Ethereum (CRYPTO:ETH) network, resulting in losses of $1.9 million.
These breaches highlight the ongoing challenges digital asset platforms face in protecting against sophisticated cyber threats, emphasising the urgent need for improved security measures industry-wide.