The post Crypto Investors Lost $310 Million in August 2024: Report appeared on BitcoinEthereumNews.com.

The cryptocurrency market took a massive hit in August 2024, losing over $310.94 million to a series of devastating hacks, scams, and exploits, according to the data shared by the on-chain security firm CertiK Alert. This substantial crypto loss in a single month was the second-largest loss so far in 2024, while the biggest $324.7 million crypto theft was noted in May 2024. Crypto Market Lost $300 Million This Month  Out of this notable loss, the crypto market has recovered only a modest $10.3 million of crypto assets. CertiK Alert noted that due to exploitation, the market saw $308.8 million in crypto theft, while losses from exit scams and flash loans were recorded around at around $0.8 million and $1.2 million, respectively. #CertiKStatsAlert 🚨 Combining all the incidents in August we’ve confirmed ~$300.6m lost to exploits, hacks and scams after ~$10.3m was returned. The amount is the second highest monthly loss so far in 2024. Exit scams: ~$0.8mFlash loans: ~$1.2mExploits: ~$308.8m More… pic.twitter.com/6MLVenZsgj — CertiK Alert (@CertiKAlert) August 31, 2024 However, the major incidents in August 2024 included a BTC phishing victim where $238 million worth of crypto was compromised, a 0xf28 wallet address that faced a $55 million crypto loss, Ronin Network which lost $11.7 million, Vow which lost over $1.2 million, and many more incidents also recorded in this month. According to data, the top exploits in August 2024 were in Ronin Network, where the crypto community has lost over $11.7 million, Nexera, where the community lost $448.8k, and Convergence, where the community lost $210k of crypto assets.  Impact of Crypto Losses These significant hacks and scams in the cryptocurrency landscape have the potential to create fears and may lower the interest of newbie inventors in the market. With all these hacks, exploits, and scams, the overall crypto…

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Filed under: News - @ August 31, 2024 4:20 pm