On-chain security platform PeckShieldAlert compiled data on the crypto hacks reported in July. 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 in a single hack, when WazirX, the India-based crypto exchange lost $230 million.
According to the data shared by PeckShieldAlert in its recent tweet, the $266 million in losses does not include the Compound Finance potential governance attack. Crypto sleuth ZachXBT had earlier warned that the Compound Finance website was compromised.
#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
— PeckShieldAlert (@PeckShieldAlert) August 1, 2024
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
— Nischal (Shardeum) 🔼 (@NischalShetty) July 21, 2024
Some of the other notable hacks that occurred in July include LI.Fi, Bittensor, Rho Markets, Terra, Dough Finance, Minterest, MonoSwap and DeltaPrime. Each of these firms witnessed losses ranging from a million to $9.73 million.
Crypto hacks on the rise in Q2 2024
In a separate report, bug bounty platform Immunefi shared details of the scale of the hacks that occurred in Q2 2024. According to the report, crypto protocols lost over $572 million in Q2 alone. $564 million was lost in hacks, while $8.4 million to fraud and scams.
Immunefi highlighted a total of 53 hacks and 19 fraud incidents in Q2. 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.
Once again, 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.
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