July 2024 witnessed 16 crypto hacks resulting in over $266 million in losses, with WazirX being the biggest casualty.
Points
- 16 hacks in July 2024 resulted in over $266 million in losses.
- WazirX lost $230 million, accounting for 86% of the total loss.
- Other notable hacks include LI.Fi, Bittensor, Rho Markets, Terra, Dough Finance, Minterest, MonoSwap, and DeltaPrime.
- CeFi platforms were the primary targets, with 70% of exploits hitting these platforms.
On-chain security platform PeckShieldAlert compiled data on the crypto hacks reported in July 2024. There were 16 hacks during the month, which resulted in the loss of over $266 million worth of crypto. A significant portion of the reported loss came from a single hack when WazirX, the India-based crypto exchange, lost $230 million.
#PeckShieldAlert July 2024 witnessed 16 hacks in the crypto space, resulting in ~$266 million (w/o Compound Potential Governance Attack)) in losses. Top 10 Hacks: #WazirX: $230 million (CeFi) #Compound: $24 million (Potential Governance Attack) #LI.FI: $9.73 million #Bittensor:… pic.twitter.com/jsmP9qLuqR
WazirX Was the Biggest Casualty in July
According to the PeckShieldAlert data, the WazirX hack accounted for 86% of the total stolen funds in July. The report also mentions that the 61,154 ETH stolen from the exchange has not been moved.
Following the hack, WazirX and its co-founder, Nischal Shetty, have been looking for an agreeable solution to mitigate the issue. Nischal earlier announced a total bounty of $23 million to help recover the lost assets.
The total bounty has been updated to $23M thanks @zachxbt for the suggestion 🙏 https://t.co/qzaqwAuLod
Crypto Hacks on the Rise in Q2 2024
The rise in crypto hacks is not limited to July. Immunefi highlighted a total of 53 hacks and 19 fraud incidents in Q2 2024. DMM Bitcoin and BtcTurk accounted for the majority of the losses. DMM Bitcoin lost $305 million, and BtcTurk lost $55 million in the hacks. In comparison to Q2 2023, there was a 112% spike in total loss in Q2 2024.
CeFi platforms remained the primary target, with 70% of exploits hitting platforms like DMM Bitcoin, BtcTurk, and Hedgey. On the other hand, DeFi platforms accounted for 30% of the losses, with platforms like Sonne Finance and Velocore hit during Q2 2024.
Ethereum remained the most targeted chain in Q2 2024, with 34 incidents. Second on the list is BNB Chain, with 18 reported cases.
Conclusion
The increasing number of crypto hacks highlights the need for enhanced security measures in the industry. With significant losses reported in both CeFi and DeFi platforms, stakeholders must prioritize robust security protocols to protect assets and maintain trust in the cryptocurrency ecosystem.