Cryptocurrency hackers stole $313.86 million in digital assets in more than ten cyberattacks in August, raising doubts about the broader acceptance of the asset class.
According to blockchain security firm PeckShield, phishing attacks alone accounted for 93.5% of all stolen crypto funds, resulting in a loss of $293.4 million.
Out of the top five hacks in August, two phishing attacks drained $238 million of Bitcoin (BTC) and $55.4 million worth of Dai (DAI).
Crypto hackers stole 3.86 million worth of digital assets in August. Source: PeckShield.
Other significant losses include the Ronin Network exploit, which recovered $12 million from the hacker but suffered unauthorized crypto transactions worth $5.1 million. Decentralized finance protocol Nexera also suffered a loss of $1.83 million via smart contract exploit.
Losses due to cyberattacks continue to be an area of concern
According to an Immunefi report released on Aug. 29, the crypto industry has witnessed $1.21 billion worth of digital assets lost to hacks and rug pulls year-to-date (YTD) in August 2024.
Last month, India’s WazirX crypto exchange was a victim of one of the largest cyberattacks of 2024. WazirX lost $234.9 million of funds from one of its multi-sig wallets. The exchange is currently in the process of implementing a phased plan to restore its financial operations. WazirX’s restructuring efforts include pursuing legal proceedings in Singapore.
Source: WazirX
Ethical hackers unite to protect industry
To protect the cryptocurrency industry from financial losses due to hacks, a team of ethical hackers has formed an elite “SEAL” unit to bolster defenses and prevent breaches. An anti-hack response team, SEAL (Security Alliance), led by white hat hacker and Paradigm researcher Samczsun, has received over 900 hack-related tickets since their launch in Aug. 2023.
According to an Aug. 22 Immunefi report, nearly 80% of cryptocurrencies never recover their value after a hack or exploit. This loss in value often inflicts more damage on projects than the exploit itself.
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