More than 300 million dollars were lost to exploiters, hacks and fraud

In the year The month of August 2024 saw a lot of bad luck in the crypto space, with an estimated loss of $300.6 million in the crypto space to hackers, scammers, and other fraudsters. Certic Alerts reported this as the second highest monthly loss after a single month in 2024, which is full of losses.

The biggest part of what was lost was due to the exploitation of around $308. 8 million. These events remind us that threats are constant in the cryptosphere and that hackers will continue to discover and attack new smart contracts and decentralized platforms.

Additionally, $1.2 million worth of crypto was withdrawn through advanced forms of attacks such as flash credit attacks. These attacks involve influencing the market by borrowing and paying quickly and end up causing huge losses to DeFi protocols.

Known as pump-and-dump scams, developers of these types of projects take money from investors, but few have played a role in the losses around $0. 8 million was reported.

Although the losses were large, there was an indication of a recovery of around $10. 3 million, thereby stopping the result. This month's continued exposure to exploits shows that the crypto space has weak spots, especially in DeFi.

Hackers were one of the most important events in August, and two of them were significant. Ronin Network Hack for over 9$. 8 million was stolen, and the Nexara exploit where traders lost $1. 5 million.

Both stem from newly developed vulnerabilities combined with code updates, emphasizing the importance of a high level of security when implementing code changes or updates.

The number of incidents has decreased slightly compared to previous months, but the resulting losses are still significant. This continuous pattern of large-scale losses shows that the crypto industry is still the main target of malicious actors and that DeFi protocols are one of the most vulnerable areas for them.

In order to avoid similar problems in the future and to protect investors' money, more attention to threats in the sector and strengthened security measures will be necessary.