Ethereum

Million

Ronin

THORChain

WazirX

Last month, the crypto space experienced $313 million in losses due to over ten different hacks. 
Of the total stolen funds, 93.5% were lost in two large phishing attacks that occurred during that time. 
<h2 id="august-cases">August Cases</h2> 
According to a <a href="https://x.com/PeckShieldAlert/status/1830100798338224548" target="_blank" rel="noopener" data-wpel-link="external">post</a> by blockchain security firm PeckShield, the two incidents combined for a loss of about $293.4 million. 
In the first occurrence, an unknown whale lost more than 4,000 bitcoin (BTC), worth an estimated $238 million at the time, after falling victim to a phishing scheme. The funds were reportedly moved around several platforms, including THORChain and Railgun, making a recovery near impossible. 
In the second attack, another large crypto holder saw about $55.4 million worth of Dai (DAI) transferred from their wallet without their authorization, with the perpetrator allegedly swapping the funds for their Ethereum (ETH) equivalent. 
In addition, the Ronin Network also <a href="https://cryptopotato.com/ronin-network-falls-victim-to-another-exploit-loses-over-11m/" data-wpel-link="internal">fell</a> victim to a significant exploit. Although $12 million was recovered from the attacker, unauthorized crypto transactions amounting to $5.1 million were still lost. 
Another notable episode involved decentralized finance (DeFi) protocol Nexera, which <a href="https://cryptopotato.com/nexera-protocol-hacked-for-1-5-million-nxra-token-drops-over-40/" target="_blank" rel="noopener" data-wpel-link="internal">suffered</a> a theft of $1.83 million due to a smart contract manipulation. 
An additional <a href="https://assets.ctfassets.net/t3wqy70tc3bv/fYG4wHZa0LfrEFcjqpqm1/c56684e1d8fc95247fd5df6560fe3486/Immunefi_Crypto_Losses_In_August_2024.pdf" target="_blank" rel="noopener" data-wpel-link="external">report</a> by bug bounty platform Immunefi shows that as of last month, the crypto industry has lost $1.21 billion in digital assets due to hacks and rug pulls year-to-date (YTD). Interestingly, that particular analysis characterized crypto losses in August due to such happenings as some of the lowest in 2024. 
It said that the industry lost about $15 million from five different incidents, an amount that was more than 94% lower than what was lost in July. 
<h2 id="wazirx-still-in-the-news">WazirX Still in the News</h2> 
Of course, the main cause of the high amount lost in July was the <a href="https://cryptopotato.com/unpacking-the-wazirx-hack-what-happened-and-how-much-crypto-is-lost/" target="_blank" rel="noopener" data-wpel-link="internal">hacking</a> of WazirX. The Indian crypto exchange lost $234.9 million from one of its multisig wallets. In response to the massive breach, the company is now implementing a phased plan to restore its financial operations. 
The beleaguered exchange recently provided an update, where it announced that it had filed a moratorium with the Singapore High Court under the city state’s Insolvency, Restructuring and Dissolution Act of 2018. 
A moratorium is a legal protection under Singapore law, where WazirX is registered, that shields an applicant from actions by creditors, like winding-up proceedings and enforcement of security. During the moratorium, these legal actions are put on hold until it ends. 
WazirX further <a href="https://wazirx.com/blog/wazirx-moratorium-application-filed/" target="_blank" rel="noopener" data-wpel-link="external">explained</a> in an accompanying blog post that it anticipates a planned restructuring where the impact of the exploit will be allocated pro-rata across users who are classified as unsecured creditors. 
The post <a href="https://cryptopotato.com/crypto-losses-from-hacks-surpassed-313-million-in-august/" rel="nofollow">Crypto Losses from Hacks Surpassed $313 Million in August</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Crypto Losses from Hacks Surpassed $313 Million in August

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