Million

Tornado Cash

Terra

WazirX

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/hackers-steal-266-million-from-crypto-ecosystem-in-july/" data-wpel-link="internal">Hackers Steal $266 Million from Crypto Ecosystem in July</a> 
In July, online hackers stole approximately $266 million from the crypto ecosystem and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> through 16 separate attacks. On July 18, the Indian crypto exchange WazirX lost over $230 million in a major attack, representing 86.4% of the total crypto lost in attacks this month. Independent investigations attributed the attack to North Korean hackers based on the attack process and techniques. 
<h2 class="p1" style="text-align: justify" id="what-happened-in-july">What Happened in July?</h2> 
Blockchain research company PeckShield reported that the stolen WazirX funds, totaling 61,154 <a href="https://en.coin-turk.com/ethereum-experiences-sharp-decline-after-spot-etf-launch/" data-wpel-link="internal">Ethereum</a>, remained under the hacker’s control as of August 1. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376026" src="https://coin-turk.com/wp-content/uploads/2024/08/peck.webp" alt="" width="500" height="784"> 
Other significant crypto attack victims in July included the algorithmic protocol Compound Finance with $24 million, the bridging protocol Li.Fi protocol with $10 million, the decentralized AI protocol Bittensor, and the liquidity provider Rho Markets, each losing $8 million. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376024 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/july.webp" alt="" width="1477" height="607"> 
In most cases, hackers moved the stolen funds to the crypto mixer Tornado Cash to avoid detection and tracking. In contrast to the July attacks, June saw a relatively lower loss of $176 million spread over approximately 20 incidents. 
<h2 class="p1" style="text-align: justify" id="details-on-the-issue">Details on the Issue</h2> 
At the end of July, the notorious Terra ecosystem temporarily halted at block height 11430400 following an attack costing $6 million. The Terra <a href="https://newslinker.co/what-are-the-5-types-of-cyber-security/" target="_blank" rel="noopener" data-wpel-link="exclude">hacker exploited</a> a known vulnerability, stealing 60 million ASTRO (ASTRO), 500,000 USD, 3.5 million USD Coin, and 2.7 Bitcoin. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376023" src="https://coin-turk.com/wp-content/uploads/2024/08/terra.webp" alt="" width="500" height="302"> 
Terra developers completed an emergency chain upgrade before resuming block production on the same day. The company update stated: 
<blockquote> 
 “Validators holding over 67% of the voting power on Terra upgraded their nodes to prevent a repeat of the attack. More validators are expected to upgrade soon.” 
</blockquote> 
According to Deddy Lavid, co-founder and CEO of Web3 security firm Cyvers, centralized finance (CeFi) institutions will be the biggest target for crypto hackers in 2024. Lavid previously mentioned that attacks on smart contract-based projects have also increased. He added that the biggest security vulnerabilities today stem from both code and personal negligence. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/hackers-steal-266-million-from-crypto-ecosystem-in-july/" data-wpel-link="internal">Hackers Steal $266 Million from Crypto Ecosystem in July</a></h5>
The post <a href="https://en.coin-turk.com/hackers-steal-266-million-from-crypto-ecosystem-in-july/" data-wpel-link="internal">Hackers Steal $266 Million from Crypto Ecosystem in July</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Hackers Steal $266 Million from Crypto Ecosystem in July

Table of Contents

COINTURK NEWS

Other articles published on Aug 1, 2024

SEC’s Closed-Door Meeting Fuels XRP Rally, Settlement Hopes Rise

PePe Moonraker Presale: Could $PMRK Beat Mumu the Bull’s 132.24% Monthly Surge? Invest Early!

BlackRock: ETF Bitcoin dan Ethereum Siap Hiasi Portofolio Model 2025

Binance Labs Backs Particle Network

BTC Price Fluctuations Affect Altcoins and SOL Coin Analysis

Just-In: Binance Labs Unveils Major Investment In Leading Layer 1 Solution

Join our free newsletter for daily crypto updates!