July Witnessed 16 Crypto Hacks Resulting in $266M Losses

On Aug 1, 2024

Crypto hacks go hand in hand with the market bull run. July saw a market spike, with Bitcoin hitting $50 shy of $70,000. In addition, the United States SEC also gave Ethereum ETFs a trading greenlight. With such a positive market sentiment, hackers made a market comeback with India’s WazirX leading in market losses.

WazirX leads crypto losses

A report by PeckShieldAlert shows that “July 2024 witnessed 16 hacks in the crypto space, resulting in ~$266 million (w/o Compound Potential Governance Attack)) in losses.”

#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

July WazirX was hacked, leading to a loss of $234 million in several crypto assets. In addition, the company had to pause transactions due to the breach. After that hack, WazirX sent out a bounty to identify the hacker. In the process, a cybersecurity company, Cyfirma, identified that the North Korean hacker group was behind the theft.

The stolen assets include $96.7 million in Shiba Inu, $52.6 million in Ether, $11 million in Matic, and $7.6 million in Pepe.

Other notable crypto hack platforms included the algorithmic protocol Compound Finance, which was hacked for $24 million, and the bridging protocol Li.Fi which lost $10 million. Also, the decentralized AI protocol Bittensor and the liquidity provider Rho Markets were hacked for $8 million each.

On-chain data shows hackers have been moving the stolen crypto to the Tornado Cash mixer to evade detection and government tracking.

On the other hand, June recorded $176 million in crypto losses across 20 incidents. Yesterday, Terra’s blockchain was hacked, causing a loss of $6 million. The hacker got away with 60 million ASTRO (ASTRO), 3.5 million USD Coin, and 2.7 Bitcoins.

Also Read: Senator Lummis Drafts Bitcoin Act to Slash National Debt by Half!