2024

Matrix Chain

Bitcoin

Ronin

<p class="is-style-lead">The amount of cryptocurrencies lost to hackers and phishing attacks significantly increased in August while the market wandered in uncertainty.</p> 
<p>According to an X post by blockchain security firm PeckShield, the crypto ecosystem lost $313.86 million in over 10 different hacks last month. Of this tally, over $293 million was lost to phishing attacks.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#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="">#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="">#Top</a> 5 Hacks in… <a href="https://t.co/lIAieHdUqt" target="_blank" rel="">pic.twitter.com/lIAieHdUqt</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1830100798338224548?ref_src=twsrc%5Etfw" target="_blank" rel="">September 1, 2024</a>
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<p>This shows an 18% increase in crypto assets lost to fraudulent actors since July. Per a crypto.news report, crypto and decentralized finance companies <a href="https://crypto.news/crypto-defi-companies-lost-266m-to-hackers-in-july/" target="_blank" rel="noreferrer noopener">lost $266 million</a> to hackers with a total of 16 events.</p> 
<p> You might also like: <a href="https://crypto.news/helium-51-percent-august-proposals-investor-confidence/"> Helium spikes 51% in August as investors favor new proposals </a> </p> 
<h2 class="wp-block-heading" id="hackers-hunting-whales">Hackers hunting whales</h2> 
<p>The largest hack belongs to a whale that <a href="https://crypto.news/hacked-bitcoin-whale-may-have-lost-238m-zachxbt/" target="_blank" rel="noreferrer noopener">lost</a> 4,064 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>), worth roughly $238 million, to a <a href="https://crypto.news/approval-phishing-scams-a-much-bigger-problem-than-first-thought/" target="_blank" rel="noreferrer noopener">phishing</a> attack on Aug. 19. The attacker soon moved the funds to various crypto platforms including THORChain, KuCoin and Railgun.</p> 
<p>Quite similarly, another whale <a href="https://crypto.news/whale-loses-over-55m-in-dai-stablecoin-to-phishing-attack/" target="_blank" rel="noreferrer noopener">lost over $55 million</a> in Dai (<a href="https://crypto.news/price/dai/" target="_blank" rel="noreferrer noopener">DAI</a>) stablecoin to a phishing attack. Data shows that the funds were stored in the fourth-largest DeFi protocol Maker. </p> 
<p>Per on-chain data, the hacker has swapped the funds to Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) and currently doesn’t have any assets left in the address used for the attack.</p> 
<p>On Aug. 6, Ronin Network saw a malicious 4,000 ETH transaction, worth $10 million. Luckily, the attack wasn’t engineered by fraudulent actors, instead, whitehat hackers exploited a Maximum Extractable Value bug.</p> 
<p>The hackers soon <a href="https://crypto.news/ronin-whitehats-return-10m-in-ether-after-mev-bug/" target="_blank" rel="noreferrer noopener">returned the funds</a> and pointed out the bug to Ronin Network’s developers. Subsequently, the company hinted at a $500,000 reward for the whitehat hackers as a bug bounty.</p> 
<p>Another unauthorized transaction worth $5.1 million and Nexera’s $1.8 million exploit secured the fourth and fifth spots among the largest hacks in August, per PeckShield.</p> 
<p> Read more: <a href="https://crypto.news/crypto-vc-roundup-bridge-coffer-totals-58m-edge-matrix-chain-raises-20m/"> Crypto VC roundup: Bridge coffer totals $58m, Edge Matrix Chain raises $20m </a> </p>

$313m in crypto lost to hackers, phishers in August: Report

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