2024

Lykke

Bitcoin

Velocore

Blockchain security platform Peckshield has reported a decline in losses due to crypto hacks in June. A total of $176.2 million was lost in the month, a 54.2% decrease from the $385 million lost in May, according to the report.
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According to Peckshield, the biggest hacking incident targeted the Turkish cryptocurrency exchange BtcTurk, where hackers stole over $100 million of assets in crypto hacks. Lykke (CeFi) suffered the second-largest heist, losing $22 million in crypto assets, Peckshield added. Decentralized finance crypto exchanges Uwu Lend, Holograph, and Velocore also lost a combined total of $40.6 to hackers.
The crypto detective ZachXBT had previously <a href="https://x.com/zachxbt/status/1804407086216024170" rel="noopener noreferrer nofollow" target="_blank">pegged</a> the losses at approximately $54.2 million (1.96M AVAX), which was way below Peckshield’s final estimates. However, while ZachXBT’s estimate was likely from a single case, Peckshield’s data confirmed nearly 20 serious hacking incidents in June alone.&nbsp; 
<h2 id="span-style-font-weight-400-centralized-exchanges-suffer-more-losses-span">Centralized exchanges suffer more losses&nbsp;</h2>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#PeckShieldAlert</a> June 2024 witnessed 20+ hacks in the crypto space, resulting in ~$176.2 million in losses. This marks a decrease of 54.2% from May 2024 (w/ ~$385m in hackers' profits).<a href="https://twitter.com/hashtag/Top?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Top</a> 5 Hacks:<a href="https://twitter.com/hashtag/Btctruk?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Btctruk</a>: $100.25 million (CeFi)<a href="https://twitter.com/hashtag/Lykke?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Lykke</a>: $22 million (CeFi)<a href="https://twitter.com/hashtag/UwULend?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#UwULend</a>: $19.4… <a href="https://t.co/83XzWf82kw" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/83XzWf82kw</a>
 — PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1807662261148029227?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 1, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Peckshield’s study revealed that centralized finance (CeFi) protocols were more prone to significant hacker exploits compared to decentralized finance (DeFi) protocols. The top 2 spots out of 5 were taken by CeFi companies with the highest June losses, while the bottom 3 were DeFi crypto companies.
However, the largest crypto hack loss <a href="https://bitcoin.dmm.com/news/20240531_01" rel="noopener noreferrer nofollow" target="_blank">reported</a> from a single CeFi crypto exchange so far this year was in May 2024, when the centralized Japanese DMM crypto exchange announced a loss of Bitcoin (~4,502.9) worth over $305 million to hackers.&nbsp;
<blockquote>
 “Japanese crypto exchange DMM Bitcoin reports a massive $300M loss after a hack! 4,502.9 Bitcoins stolen. DMM Bitcoin assures full reimbursement for users. Security measures and restrictions in place. Arkham Intel offers bounty to identify the hacker.”
 –<a href="https://x.com/YtJemer/status/1796911584096239880" rel="noopener noreferrer nofollow" target="_blank">Gm</a>
</blockquote>
Peckshield noted that although the net losses in June had significantly decreased, centralized finance protocols in Q2 of 2024 accounted for almost 70% of the loss. The report confirmed that $401 million was lost through five exchange exploits of centralized protocols compared to the $171 million lost through 62 hacking incidents of decentralized exchange protocols so far.&nbsp;
<h2 id="span-style-font-weight-400-peckshield-uncovers-more-significant-crypto-hacks-span">Peckshield uncovers more significant crypto hacks</h2>
According to Peckshield’s report, losses in February amounted to $360 million, while the losses in April were only $60.19 million. However, losses in Q2 of 2024 increased by 115% compared to the $220 million in losses disclosed by Peckshield in the same period in 2023.&nbsp;
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Peckshield affirmed that only a small percentage of hacker attacks on centralized exchange protocols succeeded, while some stolen funds were recovered.&nbsp;&nbsp;
<blockquote>
 “2023 saw 600+ major hacks in the crypto space, resulting in ~$2.61B in losses, with $674.9M recovered. $1.51B lost to hacks (excluding #Multichain unauthorized withdrawals) &amp; $1.1B to scams. This marks a 27.78% decrease from 2022. #DeFi protocols remained prime targets, accounting for 67% of total stolen value.”
 –<a href="https://x.com/PeckShieldAlert/status/1751788344281886726" rel="noopener noreferrer nofollow" target="_blank">PeckShieldAlert</a>
</blockquote>
In particular, Peckshield’s June report reveals that BtcTurk and Lykke have lost a combined $122.25 million to hackers, while UwULend, Hologram, and Velocore lost $19.4 million, $14.4 million, and $6.8 million respectively.&nbsp;
Cryptopolitan reporting by Collins J. Okoth

Crypto hacks down by 54% with a $176 million loss in June

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