The cryptocurrency market lost $266 Million in July 2024, per blockchain security firm PeckShield.
WazirX is among the worst hit, having lost over $233 Million in hacks.
Liquidity layer and lending protocol, Rho Market was attacked, resulting in losses of $7.6 Million.
This year has given unprecedented gifts to the cryptocurrency market, the SEC green light to ETFs, market bullishness post-halving, to name a few.
Unfortunately, 2024 has also been a profitable year for hackers, bad actors, scammers, and fraudsters.
Back-to-back crypto attacks have raised severe concerns over the security of blockchain and cryptocurrencies. Lazarus Group is actively disrupting the market, looting billions of dollars annually.
In 2024, so far, the crypto market has lost $266 Million in 16 attacks. The breach of WazirX became the most prominent attack of July 2024.
Several sources claim that the Lazarus Group of North Korea led the attack on WazirX. In its recent X post, PeckShield asserted that 61,154 ETH stolen from the Indian trading giant are still under hackers’ control.
#PeckShieldAlert July 2024 witnessed 16 hacks in the crypto space, resulting in ~$266 million (w/o Compound Potential Governance Attack)) in losses.Top 10 Hacks:#WazirX: $230 million (CeFi)#Compound: $24 million (Potential Governance Attack)#LI.FI: $9.73 million#Bittensor:… pic.twitter.com/jsmP9qLuqR
— PeckShieldAlert (@PeckShieldAlert) August 1, 2024
Top Cryptocurrency Hacks in July 2024
Ethereum-based decentralized lending and borrowing platform Compound Finance lost $24 Million in a breach (Potential Governance Attack). Li.Fi, a bridging protocol, lost around $11 Million in a smart contract exploit.
On July 3, 2024, Bittensor, a decentralized artificial intelligence project, lost $8 Million in its native token, TAO. Also in July, Liquidity layer and lending protocol, Rho Market was drained of $7.6 Million in stablecoins.
Terra blockchain became the last target of hackers in July 2024; the chain lost approximately $5 Million in cryptocurrencies.
The company recently tweeted, “The Terra chain has resumed block production at approximately 4:19 AM UTC today and the emergency chain upgrade is now complete.”
ETFs Update
This week’s trading performance of American Spot Bitcoin and Ethereum exchange-traded funds (U.S. spot ETFs) could be better as bearish patterns dominate.
The data given by Farside Investors show that the price of spot Bitcoin ETFs received a net inflow of $300,000 a day before. Since the last two sessions, a notable change in the outflows was noted, which led to a total net flow of – $ 17 Million.
