Cryptocurrency

Tornado Cash

Tornado

WazirX

Cryptocurrency hackers stole $313.86 million in digital assets in more than 10 cyberattacks in August, raising doubts about the broader acceptance of the asset class.&nbsp;
<a data-ct-non-breakable="null" href="https://x.com/PeckShieldAlert/status/1830100798338224548" rel="nofollow noopener" target="_blank" text="null">According</a> to blockchain security firm PeckShield, phishing attacks alone accounted for 93.5% of all stolen crypto funds, resulting in a loss of $293.4 million.
Out of the top five hacks in August, two phishing attacks drained $238 million of Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>) and $55.4 million worth of Dai (<a data-ct-non-breakable="null" href="https://cointelegraph.com/dai-price-index" rel="null" target="null" text="null">DAI</a>).&nbsp;
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 <img alt="Crypto losses to hacks exceed $313M in August" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191acb2-e0a7-7d83-8df2-c4b358f66543">
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 Crypto hackers stole 3.86 million worth of digital assets in August. Source: <a data-ct-non-breakable="null" href="https://x.com/PeckShieldAlert/status/1830100798338224548" rel="null" target="null" text="null">PeckShield</a>
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Other significant losses include the Ronin Network exploit, which recovered $12 million from the hacker but suffered unauthorized crypto transactions worth $5.1 million. Decentralized finance protocol Nexera also suffered a loss of $1.83 million via a smart contract exploit.
<h2 id="strong-losses-due-to-cyberattacks-continue-to-be-an-area-of-concern-strong">Losses due to cyberattacks continue to be an area of concern</h2>
According to an Immunefi report released on Aug. 29, the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hackers-surpass-1-2-billion-stolen-2024-immunefi" rel="null" target="null" text="null">crypto industry has seen $1.21 billion</a> worth of digital assets lost to hacks and rug pulls year-to-date (YTD) as of August 2024.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/defi-protocol-hacker-siphons-2-1m-unizen-loot" rel="null" target="null" text="null">Unizen hacker transfers $2.1M stolen funds to Tornado Cash</a>
In July, India’s WazirX crypto exchange was a victim of one of the largest cyberattacks of 2024. WazirX <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-hack-235m" rel="null" target="null" text="null">lost $234.9 million of funds</a> from one of its multisig wallets. The exchange is currently in the process of implementing a phased <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wazirx-criticizes-external-forces-delaying-recoveryg-efforts" rel="" target="_self" text="null">plan to restore its financial operations</a>. WazirX’s restructuring efforts include pursuing legal proceedings in Singapore.
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 <img alt="Crypto losses to hacks exceed $313M in August" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191acbe-06cb-77f2-bce7-d5156b5df165">
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 Source: <a data-ct-non-breakable="null" href="https://twitter.com/WazirXIndia/status/1828750289392029730" rel="null" target="null" text="null">WazirX</a>
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<h2 id="ethical-hackers-unite-to-protect-industry">Ethical hackers unite to protect industry</h2>
To protect the cryptocurrency industry from financial losses due to hacks, a team of ethical hackers <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethical-hackers-alliance-crypto-hack-protection" rel="null" target="null" text="null">has formed an elite unit</a> to bolster defenses and prevent breaches. The anti-hack response team, Security Alliance or SEAL, is led by white hat hacker and Paradigm researcher Samczsun and has received over 900 hack-related tickets since it launched in August 2023.&nbsp;
According to an Aug. 22 Immunefi report, nearly 80% of cryptocurrencies <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-hacks-price-declines-report-2024" rel="" target="_self" text="null">never recover their value</a> after a hack or exploit. This loss in value often inflicts more damage on projects than the exploit itself.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-sec-defi-phishing-malware-hackathon/" rel="null" target="null" text="null">Crypto-Sec: DeFi Saver ownership phish, iVest shuts down after attack, plus hackathon clipboard hijack</a>

Crypto losses to hacks exceed $313M in August

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