Crypto Hacks in August Exceed $313 Million
In August 2024, the cryptocurrency sector experienced significant losses amounting to approximately $300.6 million due to exploits, hacks, and scams. This figure marks the second-highest monthly loss for the year, according to security firm Certik. Exploits alone accounted for roughly $308.8 million of the losses, with an additional $1.2 million drained through flash loan attacks, severely impacting DeFi protocols. Despite the substantial losses, about $10.3 million worth of digital assets were recovered.
Phishing attacks were particularly prevalent, accounting for 93.5% of the stolen crypto funds, which totaled $293.4 million, as reported by blockchain security firm PeckShield. Notable incidents included the theft of $238 million in Bitcoin and $55.4 million in Dai. The Ronin Network also faced significant unauthorized transactions worth $5.1 million. The continued vulnerability of the cryptocurrency industry, especially in DeFi, underscores the need for enhanced security measures. The Security Alliance (SEAL), led by white-hat hacker Samczsun, has been active in responding to such threats, having received over 900 hack-related tickets since 2023. An Immunefi report further highlighted that nearly 80% of cryptocurrencies fail to recover their value post-exploit, emphasizing the long-term impact of these security breaches.
