Cryptocurrency hacks surge in July 2024, PeckShield reports $266 million in losses

Cryptocurrency-related hacks proceed to plague your entire ecosystem. In July 2024, PeckShield reported a major improve in such safety vulnerabilities.

Blockchain Investigation Firm established These 16 incidents resulted in roughly $266 million in losses through the interval.

Probably the most critical breach concerned Indian centralized cryptocurrency change WazirX, which suffer The losses amounted to a staggering $230 million. Specialists blamed the assault on the infamous North Korea-backed Lazarus Group, which started utilizing cryptocurrency mixing companies like Twister Money to launder stolen funds.

In response, WazirX ceased operations and supplied a $23 million bounty to encourage attackers to return stolen belongings. The change additionally proposed a “socialized loss technique” to pretty distribute the monetary influence amongst all customers.

Sizzling on the heels of WazirX’s losses is the favored algorithmic protocol Compound, which confronted a possible governance assault value $24 million. On the identical time, the objectives of the bridge protocol LI.FI and the decentralized synthetic intelligence protocol Bittensor are US$9.73 million and US$8 million respectively.

Subsequent up had been liquidity supplier RhoMarkets and decentralized lending platform DeltaPrime, which suffered breaches of $7.6 million and $1 million respectively, however each managed to get well most of their funds. Different affected platforms embrace Terra ($4 million), DoughFina ($1.86 million), Minterest ($1.4 million), and MonoSwap ($1.3 million).

It’s value noting that the majority hackers switch their loot to Twister Money to cowl their traces. Moreover, losses decreased in June, with losses totaling $176 million throughout 20 separate instances.

Past exploits, exit scams on this area Accounting In accordance with CertiK, one other well-known blockchain safety firm, almost $3 million was misplaced final month.