According to @manueldelrio, a recent wallet hack resulted in the loss of several thousand PepeCoin (PEPE) and BasedAI (BASED) tokens, while $BCRED and $BASED rewards remained secure due to enhanced protection measures (source: @manueldelrio on Twitter, 2024-06-20). This incident highlights ongoing vulnerabilities in common wallet infrastructures and underscores the importance of robust security protocols for traders. Crypto traders should note that tokens with advanced security features or reward mechanisms may offer better protection against hacks. These developments reinforce the urgent need for enhanced wallet security practices and could influence market sentiment and trading behaviors for PEPE, BASED, and similar assets.

According to Mihir (@RhythmicAnalyst) on Twitter, the main risk to cryptocurrency holders comes from phishing attacks targeting individuals, not exchanges. Mihir reports receiving daily phishing attempts via text messages, where attackers try to trick users into clicking malicious links to compromise their accounts. He advises traders to implement two-factor authentication (2FA), set up withdrawal whitelists, and avoid interacting with suspicious links or messages. These concrete security measures are crucial for protecting digital assets and reducing the risk of unauthorized withdrawals, which can have direct trading and portfolio impacts. Source: Mihir (@RhythmicAnalyst) Twitter, May 15, 2025.

According to Michael Bacina (@MikeBacina), the rise of fake developers is creating real security risks for cryptocurrency projects, which could lead to increased vulnerability to hacks and scams across blockchain platforms. Bacina highlights in his May 8, 2025 tweet that identifying and mitigating these threats is critical for traders and investors, as compromised projects can result in sharp price declines and loss of capital (Source: @MikeBacina, Twitter). Vigilance in due diligence and monitoring developer credibility is now essential for protecting portfolio value in the volatile crypto market.

According to The Kobeissi Letter, the largest hack in cryptocurrency history occurred at Bybit in 2025, with $1.5 billion stolen. This surpasses previous significant breaches including the Mt. Gox hack in 2011 where 647,000 BTC were lost, valued at $470 million at the time. Other notable incidents include Bitfinex in 2016 and Coincheck in 2018. These events highlight critical vulnerabilities in crypto exchanges, influencing trading strategies and risk assessments.