2024

Million

August was a very tough month for the crypto industry as hackers reportedly stole about $313 million in digital assets in over ten separate attacks. 
According to PeckShield, a blockchain security company, phishing attacks were responsible for most of these losses accounting for 95% of the stolen funds, which totals around $293.4 million.&nbsp; 
Another significant loss is the exploitation of Roin Network. Although $12 million of the stolen funds was recovered, there were still unauthorized transactions totaling $5.1 million. 
In addition, Nexera, a decentralized finance protocol also suffered 1.83 million losses due to a smart contract issue. 
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 <a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#PeckShieldAlert</a> August 2024 witnessed 10+ hacks in the crypto space, resulting in ~$313.86 million in losses. The 2 largest hacks, both involving unauthorized transfers (<a href="https://twitter.com/hashtag/Phishing?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Phishing</a>), accounted for 93.5% of the total stolen funds, amounting to $293.4 million.<a href="https://twitter.com/hashtag/Top?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Top</a> 5 Hacks in… <a href="https://t.co/lIAieHdUqt" target="_blank">pic.twitter.com/lIAieHdUqt</a>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1830100798338224548?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 1, 2024</a>
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Adding to this number of losses, Immunefi, a security company, released a report on Aug. 29 that the total losses from hacks and rigs pull in the crypto space have reached $1.21 billion. 
The report also many of these cryptocurrencies never fully recovered their values after being hacked, with about 80% of them failing to bounce back&nbsp; 
One of the largest attacks seen this month was the exploit of WazirX. The India-based <a href="https://www.cryptotimes.io/2024/07/18/half-of-investors-funds-gone-from-wazirx-in-massive-breach/" target="_blank" rel="noreferrer noopener">crypto Exchange lost $234.9 million</a> from one of its wallets. This has raised a major concern in the crypto industry as people speculate that the exchange might soon go bankrupt. 
However, the exchange is currently working on restoring its operation and is pursuing legal action in Singapore as part of its recovery plan 
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<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/29/kylian-mbappes-x-account-hack-fuels-1-million-crypto-scam/" target="_blank" rel="noreferrer noopener">Kylian Mbappé’s X Account Hack Fuels $1 Million Crypto Scam</a> 
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Crypto Space Lost $313.86 Million to Hackers Last Month

The Crypto Times

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