2024

Bitcoin

Million

Nexera

<p>The post <a href="https://coinpedia.org/news/august-2024-crypto-hacks-and-losses-unpacking-the-238-million-bitcoin-scam/">August 2024 Crypto Hacks and Losses: $313M Lost in 30 Days</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>August 2024 was a very eventful time in the cryptocurrency industry where multiple major hacks were recorded and according to the latest <a href="https://x.com/PeckShieldAlert/status/1830100798338224548" target="_blank" rel="noreferrer noopener nofollow">peckshield report</a>, the industry lost $313.86 million in the process. The five most common incidents were largely rooted in phishing and unauthorized transfers and exposed the biggest weaknesses of the crypto market.</p> 
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<p>Read more about it all. </p> 
<h3 class="wp-block-heading" id="h-phishing-attacks-dominate-the-month"><strong>Phishing Attacks Dominate the Month</strong></h3> 
<p>The most significant hack occurred on August 19, when a whale fell victim to a <a href="https://coinpedia.org/news/238-million-bitcoin-heist-uncovered-suspected-theft-linked-to-genesis-global-trading">phishing attack</a>, resulting in the theft of 4,064 Bitcoin, worth approximately $238 million. The stolen funds were quickly moved across various platforms, including THORChain, KuCoin, and Railgun, making recovery nearly impossible. </p> 
<p>This massive breach accounted for 76% of the total losses for the month, underscoring the persistent threat of phishing in the crypto world.</p> 
<h3 class="wp-block-heading" id="h-dai-stablecoin-theft-a-multi-million-dollar-scam">Dai Stablecoin Theft: A Multi-Million Dollar Scam</h3> 
<p>Another notable incident involved the theft of $55.4 million in Dai stablecoins through phishing. The stolen 1,400 ETH were initially held in the Maker DeFi protocol before being exchanged for Ethereum and subsequently embezzled. The swift and well-coordinated nature of this attack left little chance for asset recovery.</p> 
<h3 class="wp-block-heading" id="h-ronin-network-hit-again-ethical-hackers-to-the-rescue"><strong>Ronin Network Hit Again: Ethical Hackers to the Rescue</strong></h3> 
<p>On 6th August, again, the Ronin Network which previously got compromised in 2022, experienced another <a href="https://coinpedia.org/news/weekly-crypto-hack-report-largest-incidents-and-financial-losses/" target="_blank" rel="noreferrer noopener">cyber attack</a>. However, this time, whitehat hackers used the Maximum Extractable Value (MEV) bug to work out to withdraw 4,000 ETH, which is $10 million.&nbsp;</p> 
<p>The ethical hackers repaid the funds used to conduct the hack to return the vulnerability to Ronin’s developers, who paid a bounty in the amount of half a million dollars. This implies that hackers are most useful when they are ethical and employed by reputable organizations to help with hacking security systems to expose their weaknesses before the bad guys can get to do so.</p> 
<h3 class="wp-block-heading" id="h-unauthorized-transfer-5-1-million-stolen"><strong>Unauthorized Transfer: $5.1 Million Stolen</strong></h3> 
<p>Another noteworthy incident involved an unauthorized transfer resulting in a forgery worth $5.1 million. While less severe than the other hacks, it added to the growing need for improved security measures in the crypto industry.</p> 
<h3 class="wp-block-heading" id="h-nexera-exploit-social-engineering-leads-to-1-83-million-theft"><strong>Nexera Exploit: Social Engineering Leads to $1. 83 Million Theft</strong></h3> 
<p>Nexera suffered a <a href="https://coinpedia.org/news/weekly-crypto-hack-report-largest-incidents-and-financial-losses/" target="_blank" rel="noreferrer noopener">$1. 83 million loss</a> by falling for an elaborate social engineering trick. The attackers through a reputation-phishing scam got an employee of Nexera to download what they termed as the job offer contract only to discover it was concealed malware that stole private keys.&nbsp;</p> 
<p>It is for this reason that sophisticated methods of protection such as multi-signature wallets need to be employed in order to curb the loss of important assets in this realm of cryptocurrencies.</p> 
<p>These cases give a message that there must be a constant enhancement of security measures and awareness among cryptos’ users and related firms to avoid getting hacked.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/us-election-2024-forecast-the-crypto-factor-in-the-trump-harris-showdown/">US Election 2024: Trump and Harris in Tight Race! Will Crypto Reveal the Winner?</a></p> 
<p><strong>The future of cryptocurrency hinges on our ability to learn from the past. Will see an improvement in crypto security in the months ahead?</strong></p>

August 2024 Crypto Hacks and Losses: $313M Lost in 30 Days

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