30 Million of Crypto Loss This Week in Various Attacks: Report
In the last few days, the overall cryptocurrency market has struggled to gain momentum, with significant security uncertainties resulting in massive losses for investors and firms. Reflecting this uncertainty, today, on June 14, 2024, blockchain security firm CertiK Alert made a post on X, disclosing that the crypto market experienced over $30 million in losses due to various attacks this week.
#CertiKStatsAlert This week, we've recorded over $30M of stolen assets from various attacks. This brings the total losses to around $85M since the beginning of June. Significantly, the double attack on the UwU Lend protocol resulted in a total loss of over $22M.At the mid… pic.twitter.com/cyBzNF38KH
— CertiK Alert (@CertiKAlert) June 14, 2024
Crypto market hit by $85 million hacks
With these massive losses, the total crypto stolen in various exploits and exit scams reached $85 million as of June 14, 2024. Notably, the majority of this week’s losses came from the DeFi lending protocol UwU Lend, which suffered a series of attacks by the same hacker, resulting in a loss of over $22 million. In response, the UwU Lend team is trying to contact the hackers and is offering a 20% bounty reward, equivalent to $5 million, to the hacker or to anyone who identifies the hacker.
As we reach the midpoint of June, there’s been a noticeable increase in incidents, including exploits and exit scams, each causing losses of over $1 million. Experts are urging investors to exercise caution and for platforms to bolster their security measures to prevent further losses. The rise in these malicious activities highlights the critical need for improved safeguards in the rapidly evolving crypto landscape.
Overview of the crypto market
Besides these crypto hacks, exploits, and scams, the overall market is currently experiencing a significant price fall. According to data from CoinMarketCap, the cryptocurrency market has plummeted by over 2.1% in the last 24 hours. Top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and many others have experienced substantial price drops in the last 24 hours, with a drastic market drop occurring in the last few hours.
As of writing, BTC, ETH, and SOL have experienced price drops of 2%, 1.5%, and 4%, respectively, in the last 24 hours.
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