In August, crypto losses to hacking exceeded $313M
Cryptocurrency hackers stole $313.86 million worth of digital assets in more than 10 cyberattacks in August, raising doubts about the asset class' widespread adoption.
According to blockchain security firm PeckShield, phishing attacks alone account for 93.5% of stolen crypto funds, resulting in $293.4 million in losses.
Of the five major data breaches in August, two phishing attacks wiped out $238 million in Bitcoin (BTC) and $55.4 million in Dai (DAI).
Crypto hackers stole 3.86 million worth of digital assets in August. Source: PeckShield
Other notable losses include the Ronin Network exploit, which received $12 million from the hacker, but $5.1 million in unauthorized crypto transactions. Decentralized financial protocol Nexera suffered a $1.83 million loss in a smart contract exploit.
Losses from cyber attacks continue to be a concern.
According to an Immunefi report released on August 29, the crypto industry has lost $1.21 billion worth of digital assets to hacking and ragging year-to-date (YTD) since August 2024.
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In July, the Indian crypto exchange Wazir X It was the victim of one of the biggest cyber attacks in 2024. The exchange is currently implementing a standardized plan to restore its financial performance. WazirX's restructuring efforts include pursuing legal proceedings in Singapore.
Source: WazirX
Ethical hackers are united to protect the industry
To protect the cryptocurrency industry from financial losses caused by hacking, the Ethical Hackers Group has established an advanced unit to strengthen defenses and prevent breaches. The anti-hack response team, Security Alliance or SEAL, is led by white hat hacker and Paradigm researcher Samczsun and has received more than 900 hack-related tickets since its launch in August 2023.
In the year According to an Immunefi report released on August 22, nearly 80% of cryptocurrencies never recover their value after being hacked or exploited. This loss of value often causes more damage to projects than exploitation.
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