Cryptocurrency

DeFi

when

ZachXBT

April

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/hackers-cause-significant-losses-in-cryptocurrency-in-june/" data-wpel-link="internal">Hackers Cause Significant Losses in Cryptocurrency in June</a> 
In June, net losses from cryptocurrency-focused hack attacks decreased by 54.2% compared to May. According to crypto analysis firm PeckShield, approximately 20 hack incidents were reported in June, resulting in a net loss of around $176 million. This represents a significant decrease of 54.2% compared to May 2024, when hackers stole $385 million. 
<h2 class="p1" style="text-align: justify" id="what-happened-in-june">What Happened in June?</h2> 
According to Peckshield, the BtcTurk attack was the largest hack in June, with hackers seizing over $100 million in crypto assets. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-366806" src="https://coin-turk.com/wp-content/uploads/2024/07/peckshield.png" alt="" width="500" height="263"> 
Initial estimates by ZachXBT indicated losses of approximately $55 million. The second largest attack was on another centralized exchange, Lykke, with losses amounting to $22 million. The third largest attack was on the DeFi lending protocol UwU Lend, resulting in losses of $19.4 million. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-366805 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/hack.png" alt="" width="778" height="624"> 
Among the top 5 hacks in June, the highest losses were experienced by two centralized exchanges, followed by three decentralized finance (DeFi) protocols. May 2024 was the largest month for crypto losses, with a net loss of approximately $385 million from crypto attacks. The largest loss occurred on May 31, when the crypto exchange DMM suffered a private key hack, resulting in the theft of $305 million worth of <a href="https://en.coin-turk.com/bitcoin-maintains-gains-and-whale-activity-suggests-continued-uptrend/" data-wpel-link="internal">Bitcoin</a>. 
<h2 class="p1" style="text-align: justify" id="important-details-about-the-attacks">Important Details About the Attacks</h2> 
In February, there was a net loss of $360 million, while April saw the lowest number of hacks and losses at $60.19 million. Despite a noticeable decrease in net losses from vulnerabilities in June, losses in the second quarter of 2024 increased by 115% compared to the same period in 2023. In the second quarter of 2023, losses amounted to only $220 million, compared to over $572 million this year. 
Most of the losses in the quarter were due to centralized exchange attacks. Losses from centralized protocols and exchange attacks in this quarter reached $401 million, accounting for 70% of the total. 
Losses from centralized exchanges were higher this quarter. However, <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> that only a very small portion of all attacks on these exchanges were successful. Hackers exploited centralized platforms only five times this quarter, while there were a total of 62 successful attacks on decentralized protocols. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/hackers-cause-significant-losses-in-cryptocurrency-in-june/" data-wpel-link="internal">Hackers Cause Significant Losses in Cryptocurrency in June</a></h5>

Hackers Cause Significant Losses in Cryptocurrency in June

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