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<p>The post <a href="https://coinpedia.org/news/crypto-investors-lost-310-million-in-august-2024-report/" rel="noopener noreferrer nofollow">Crypto Investors Lost $310 Million in August 2024: Report</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>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.</p>
<h2 class="wp-block-heading" id="h-crypto-market-lost-300-million-this-month-nbsp"><strong>Crypto Market Lost $300 Million This Month&nbsp;</strong></h2>
<p>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.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/CertiKStatsAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CertiKStatsAlert</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Combining all the incidents in August we’ve confirmed ~$300.6m lost to exploits, hacks and scams after ~$10.3m was returned.<br><br>The amount is the second highest monthly loss so far in 2024.<br><br>Exit scams: ~$0.8m<br>Flash loans: ~$1.2m<br>Exploits: ~$308.8m<br><br>More… <a href="https://t.co/6MLVenZsgj" rel="noopener noreferrer nofollow">pic.twitter.com/6MLVenZsgj</a></p>— CertiK Alert (@CertiKAlert) <a href="https://twitter.com/CertiKAlert/status/1829839311522464019?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 31, 2024</a>
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<p>However, the <a href="https://coinpedia.org/news/crypto-weekly-hack-report-from-1-2m-loss-to-230m-heist-the-weeks-biggest-crypto-security-failures/" rel="noopener noreferrer nofollow">major incidents in August 2024</a> 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.</p>
<p>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.&nbsp;</p>
<h2 class="wp-block-heading" id="h-impact-of-crypto-losses"><strong>Impact of Crypto Losses</strong></h2>
<p>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.</p>
<p>With all these hacks, exploits, and scams, the overall crypto market experienced a notable price decline in August 2024. According to Coinmarketvap data, major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE), experienced significant price drops of over 12%, 20%, 26%, and 21%, respectively in the last 30 days.</p>

Crypto Investors Lost $310 Million in August 2024: Report

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