Crypto Hacking Drops 54.2% in June, $176M Lost in Month
Losses from cryptocurrency hacks and exploits in June fell by 54.2% from May.
Losses from crypto hacks decreased in June
According to data from crypto analytics firm PeckShield, around 20 hacking incidents were reported in the crypto space in June, resulting in losses of around $176 million. That's a 54.2 percent decrease since May, when hackers took in $385 million.
The BtcTurk crypto exchange exploit was the biggest hack in June, with hackers making off with more than $100 million worth of crypto assets, according to PeckShield data.
An early estimate by Onchain sleuth ZachXBT put the loss at around $55 million. The second largest exploit involved centralized exchange Lykke, with a loss of $22 million. The third largest exploit was decentralized finance (DeFi) lending protocol UwU Lend, which suffered a loss of $19.4 million.
Centralized exchanges took the top two spots in the ranking for the biggest losses in June, followed by three DeFi protocols.
Centralized exchanges were the biggest contributor to exploits this quarter.
May was the biggest month in terms of crypto losses in 2024, with a net loss of nearly $385 million from crypto hacks. The largest single loss was the hack of crypto exchange DMM's private key on May 31, which drained $305 million worth of Bitcoin (BTC) funds from the exchange.
February saw a net loss of $360 million, while April saw the lowest figure of $60.19 million.
Related: Memecoin Trader Loses Over $1M Following Normy Exploit
While net operating losses decreased from June, losses increased 115% in the second quarter of 2024 compared to the same period in 2023.
Most of the quarterly losses were attributed to exchange hacking. In this quarter, losses from centralized protocols and exchange exploits totaled $401 million, or 70% of the total.
Losses of centralized exchanges are higher this quarter. However, data indicates that only a very small fraction of all attacks on these exchanges are successful. The hacker used centralized platforms only five times this quarter, while decentralized protocols saw a total of 62 successful exploits.
Magazine: Crypto Exposes Sudden Disagreement Among Democrats Months Ahead of Election
