Surging heists in the cryptocurrency market have raised severe concerns over the security and protection of investors and moguls. From the beginning of 2024 till August 2024, the market lost millions in crypto in hundreds of theft incidents.
The broader crypto market lost $310 million in August 2024, making it the second most troubled month in 2024.
Certik, a blockchain analysis firm, noted in its recent report that only $10.3 million were recovered from the total losses in the previous month, making a net loss of $300.6 million.
The firm stated, “After totaling all losses in August 2024 it is confirmed that the $300.6 million were wiped out from the market, making the month most with 2nd most losses in 2024.”
Most attacks were executed using phishing methods, resulting in total losses of $293 million. It is largely speculated that the usage of phishing techniques in the crypto market has grown significantly compared to the previous year.
Certik noted that a user lost $238 million worth of Bitcoin, and one another lost $55 million in DAI stablecoin.
Phishing schemes usually entail pretending to be of trustworthy organizations in order to gain sensitive information and access to the cryptocurrency wallets of its victims.
Related Updates
In its August 29, 2024 research, Chainalysis noted that pig butchering is the scam that generates the most revenue to date.
The total amount of illegal on-chain activity has decreased by about 20% so far this year, according to Chainalysis. Still, ransomware payments are expected to reach record levels, and inflows from stolen money have almost doubled.
New trends like CSAM networks and pig butchering are emerging, and scammers are evolving. Therefore, the fight against cybercrime requires constant observation and cooperation.
Crypto Market News Updates
According to Todayq, miners’ earnings in August 2024 dropped by about 10% to $827.56 million. Nonetheless, the total revenue generated by miners in July 2024 was $927.35 million. August 2024’s revenue is around 5% higher than August 2023’s.
Metaplanet, Japan’s claimed ‘MicroStrategy,’ has announced its alliance with Ripple’s partner SBI, intending to offer Bitcoin trading and custody. Through this partnership, SBI will offer Metaplanet various support services for trading, storing, and operating Bitcoins.
Crypto Market Price Update
The cryptocurrency market capitalization has been struggling for the past few weeks; as of this writing, it was at $2.06 trillion. Earlier this month, the cap reached new milestones and reached nearly $2.25 trillion.
Bitcoin lost over 5% of its trading price in the past 48 hours until publishing, trading at $58,458. Despite intraday and weekly declines, the 24-hour trading volume grew more than 75%, reaching $29.09 billion.
Popcat tops the intraday gainer’s list, adding more than 9% to its price, reaching $0.5829, followed by Helium (HNT) at $7.53, adding 6.52%.
However, the losers list is led by DOGS, a trending memecoin that is constantly bleeding following the arrest of Telegram’s founder, Floki Inu lost 3.98% reaching $0.0001191.
It is crucial to note that HNT is profitable in both intraday and weekly time frames as its price has surged 15.02% in the past seven days.