The post Crypto Hacks Surge in July 2024, PeckShield Reports $266M in Losses appeared on BitcoinEthereumNews.com.

Crypto-related hacks continue to plague the ecosystem. In July 2024, PeckShield reported a significant surge in such security breaches. The blockchain investigation firm found that 16 incidents resulted in approximately $266 million in losses during the period. The most severe breach was the Indian centralized crypto exchange WazirX, which suffered a staggering $230 million loss. Experts attributed the attack to the notorious North Korea-backed Lazarus Group, which began laundering the stolen funds using crypto-mixing services such as Tornado Cash. In response, WazirX halted operations and offered a $23 million bounty to encourage the attackers to return the stolen assets. The exchange also suggested a “socialized loss strategy” to distribute the financial impact fairly among all users. Closely following WazirX’s losses was the popular algorithmic protocol Compound which faced a potential governance attack worth $24 million. Meanwhile, bridging protocol LI.FI and decentralized AI protocol Bittensor was targeted for $9.73 million and $8 million, respectively. Next up were liquidity provider RhoMarkets and decentralized lending platform DeltaPrime which experienced breaches of $7.6 million and $1 million respectively, but both managed to recover a substantial portion of their funds. Other affected platforms included Terra with $4 million, DoughFina with $1.86 million, Minterest with $1.4 million, and MonoSwap with $1.3 million. It is important to note that most hackers transferred their loot to Tornado Cash to obscure their trails. Additionally, June had fewer losses, totaling $176 million across 20 separate cases. Besides exploits, exit scams in the space accounted for almost $3 million in losses last month, as per another prominent blockchain security firm, CertiK. SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details). LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link…

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Filed under: News - @ August 4, 2024 8:20 pm