Cryptocurrency Hacks Halve Compared to May

In June 2024, the amount stolen by hackers halved compared to May 2024, totaling approximately $176 million in losses.

Cryptocurrency Hacks Halve Compared To May

According to recent data from PeckShield, crypto hacks declined sharply in June, with total losses amounting to $176 million. This figure represents a 54.2% decrease compared to the staggering $385 million lost in May.

PeckShield revealed that over 20 security breaches occurred in June.

Crypto Hacks Declined in June

Hack

The largest hack in June targeted the BtcTurk crypto exchange, with over $100 million in assets stolen. Following this was the hack at the centralized exchange Lykke in the UK, with losses of $22 million.

The decentralized finance (DeFi) sector also suffered, with the lending protocol UwU being hacked for $19.4 million, ranking third in terms of losses for the month.

In contrast, May saw approximately $385 million in losses, the highest figure so far in 2024. The hack of the DMM crypto exchange in Japan resulted in losses of up to $305 million, making it the largest case in May.

The primary attack vectors included flash loan exploits, exit scams, and other technical vulnerabilities.

Despite these losses, blockchain security experts managed to recover approximately $96.2 million, providing some reassurance to the crypto community.

Related: Binance Freezes $5 Million USD in Relation to BtcTurk Exchange Hack

Crypto Hack Trends in 2024 Compared to 2023

Crypto hacks continue to plague the industry, resulting in significant losses of digital assets to scammers.

According to research from the blockchain security platform Immunefi, Q2 2024 witnessed a staggering $572 million in losses from crypto scams, more than doubling the $220 million lost in the same period in 2023.

Q 2

Centralized exchanges were the primary targets, accounting for most of the losses. The DMM Bitcoin and BtcTurk hacks accounted for over 62% of the quarter’s total losses.

CeFi suffered $401 million in losses in Q2 this year, an insane 984% increase compared to the same period in 2023.

While DeFi protocols experienced a higher frequency of incidents, losses were lower at $171 million, down 25% from Q2 2023.

The Ethereum and BNB Smart Chain networks were the two main targets, accounting for 71% of the total losses.

Notably, Arbitrum became the third most targeted network, accounting for 5.5% of the total losses.

Despite the grim outlook, some stolen funds were recovered. Protocols such as Gala Games, Alex Labs, Bloom, and Yolo Games managed to reclaim most of their lost assets.

These recoveries, though encouraging, only accounted for about 5% of the total losses for the quarter.

(3 votes)

4.7/5

(3 votes)

Latest

Crypto Market Faces Volatility Ahead Of Trump Tariff Pause Expiration

News | Editor Choice | Policy & Regulations

Crypto Market Faces Volatility Ahead of Trump Tariff Pause Expiration

The crypto market is entering a sensitive phase as the Trump tariff pause nears its end and nearly $15 billion in Bitcoin options are set to expire, putting significant pressure on investor sentiment.

Pi Coin Faces Selling Pressure Ahead Of Pi2day

News | Editor Choice | Pi Network

Pi Coin Faces Selling Pressure Ahead of Pi2Day

Ahead of the Pi2Day event on June 28, Pi Coin is under strong selling pressure while Pi Network announces a series of new updates, including the KYC Sync feature and upgrades to the Pi Browser aimed at improving user experience and accelerating the transition to Mainnet.

Bitcoin Could Drop To $100,000 Soon

Bitcoin | Editor Choice

Bitcoin Could Drop to $100,000 Soon

Although Bitcoin has surged following the stabilization of the Middle East situation, it could still fall below the 100,000 USD mark in the near future.

Coinbase Stock Hits New High As Analysts Split On Future Rally

News | Altcoin | Editor Choice | Policy & Regulations

Coinbase Stock Hits New High as Analysts Split on Future Rally

Coinbase (COIN), the crypto exchange giant, has just set a new all-time closing high, despite growing concerns that the stock may be due for a short-term correction.

Ai Crypto App Users Double This Year

Editor Choice | Altcoin

AI Crypto App Users Double This Year

According to a report from DappRadar, there are approximately 4.5 million wallets using AI applications on the blockchain, marking an 86% increase this year.