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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/hackers-steal-313-86-million-in-august-crypto-attacks" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hackers Steal $313.86 Million in August Crypto Attacks</a><br></p>
<p style="text-align: justify">In August, the cryptocurrency sector experienced significant financial setbacks as hackers stole over $313.86 million in more than ten cyber attacks. A report from blockchain security firm PeckShield highlighted that phishing attacks were the primary method, responsible for 93.5% of the losses, amounting to $293.4 million. This surge in security breaches has raised concerns about the broader acceptance and security of cryptocurrency assets.</p>
<h2 id="what-were-the-major-incidents">What Were the Major Incidents?</h2>
<p style="text-align: justify">Among the five largest attacks in August, two significant incidents involved the theft of $238 million in <a href="https://en.bitcoinhaber.net/jack-mallers-predicts-bitcoins-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> and $55.4 million in Dai, both through phishing schemes. Other noteworthy losses included a vulnerability in the Ronin Network, which, despite recovering $12 million, still suffered unauthorized transactions worth $5.1 million. Additionally, the decentralized finance protocol Nexera faced a $1.83 million loss due to a smart contract flaw.</p>
<h2 id="how-did-the-industry-respond">How Did the Industry Respond?</h2>
<p style="text-align: justify">In response to these growing threats, an elite team of ethical hackers, known as the Security Alliance (SEAL), has been formed to bolster defenses against such attacks. Led by white-hat hacker and Paradigm researcher Samczsun, SEAL has received over 900 hack-related reports since its inception in August 2023. This proactive approach aims to mitigate future financial losses and enhance overall security within the crypto industry.</p>
<h2 id="concrete-measures-for-security">Concrete Measures for Security</h2>
<ul>
 <li>Establish multi-signature wallets to safeguard large funds.</li>
 <li>Regularly audit and update smart contracts to identify vulnerabilities.</li>
 <li>Implement multi-factor authentication (MFA) to enhance account security.</li>
 <li>Engage with reputable blockchain security firms for continuous monitoring.</li>
 <li>Educate users about phishing attacks and safe online practices.</li>
</ul>
<h2 id="long-term-implications">Long-Term Implications</h2>
<p style="text-align: justify">The financial impact of these breaches extends beyond immediate losses. An Immunefi report from August 22 revealed that approximately 80% of cryptocurrencies never recover their value after a <a href="https://newslinker.co/what-is-cybersecurity/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">hack</a> or exploit. This often inflicts more long-term damage on projects than the initial attack itself, emphasizing the importance of strong security measures and industry vigilance.</p>
<p style="text-align: justify">As the cryptocurrency industry continues to grow, securing digital assets against cyber threats remains a top priority. The formation of specialized response teams and the adoption of robust security practices are crucial steps to mitigate risks and protect <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investments</a>.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/hackers-steal-313-86-million-in-august-crypto-attacks" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hackers Steal $313.86 Million in August Crypto Attacks</a></h5>

Hackers Steal $313.86 Million in August Crypto Attacks

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