đš CRYPTO HACKERS STEAL $266M IN JULY THROUGH 16 BREACHES đš
đ The crypto sector faced a significant blow in July as hackers managed to steal approximately $266 million across 16 separate breaches, according to PeckShield.
đ„ Major Incident: WazirX Attack
On July 18, Indian crypto exchange WazirX was attacked, accounting for over $230 million, or 86.4%, of the month's total losses. Independent investigations have suggested North Korean cybercriminals might be behind the breach. The stolen WazirX funds, totaling 61,154 Ether, remain under the hackers' control as of August 1.
đ Other Major July Hacks
Compound Finance: Lost $24 million
Li.Fi: Lost $10 million
Bittensor & Rho Markets: Each lost $8 million
đ Many of these stolen funds were moved to the cryptocurrency mixer Tornado Cash, a technique often used by hackers to obscure the origins of funds and evade detection.
đ CRYPTO MARKET'S RESILIENT RECOVERY
Despite ongoing hacks and scams, the crypto market achieved a record recovery rate of 77% for stolen funds in Q2 2024. According to Hacken's Web3 Security Report Q2 2024, $347.4 million of the stolen funds were recovered or frozen out of the total $512.9 million lost.
â ïž RISING THREAT OF SCAMS ON X
Scam Sniffer, a web3 anti-scam company, revealed that nearly $50 million is lost each month due to account impersonation on X.com.
đ FINAL THOUGHTS
Stay safe, question everything, think twice and don't make quick and impulsive decisions!
Follow @Professor Mende - Bonuz Ecosystem Founder for more & stay awesome!
#scamalert #scam #scams #hack #hacks