PeckShield reports $313M worth of crypto stolen in August 2024 via cyberattacks, making it the 3rd worst month for crypto hacks in 2024.
Crypto investors seem threatened as hackers increase crypto exploits in the ecosystem. A recent report by blockchаin sеcurity firm PeckShield reveals that over $313 million was stolen in August alone through over ten cyberattacks. This increase in hacking activity could raise fear, uncertainty, and doubt about the security of digital assets.
#PeckShieldAlert August 2024 witnessed 10+ hacks in the crypto space, resulting in ~$313.86 million in losses. The 2 largest hacks, both involving unauthorized transfers (#Phishing), accounted for 93.5% of the total stolen funds, amounting to $293.4 million.#Top 5 Hacks in… pic.twitter.com/lIAieHdUqt
— PeckShieldAlert (@PeckShieldAlert) September 1, 2024
Over $300M Hacks in August
PeckShield’s report reveals that phishing attacks were most prevalent in August. Two resulted in the loss of $293.4 million, representing 93.5% of all stolen funds. One drains $238 million worth of Bitcoin (BTC), and another steals $55.4 million of DAI. This method tricks victims into revealing their login credentials or private keys, resulting in losses.
In addition to phishing attacks, August saw other significant exploits. The Ethereum sidechain Ronin suffered a security breach worth $17.1 million. While it later recovered $12 million, $5.1 million was lost to an unauthorized transaction. NEXERA, a decentralized finance protocol, also lost $1.83 million due to a smart contract exploit.
These hacks remind investors to prioritize security and protect their digital assets. Cybercriminals are becoming more sophisticated in their tactics, so crypto users should be informed and up-to-date on the latest security measures. Exchanges and decentralized platforms should also focus on security and implement measures to prevent attacks.
August Ranks 3rd in 2024 Crypto Hacks
As bad as last month was for the crypto community, May 2024 saw the worst month for crypto hacks this year, with the $308 million breach at DMM Bitcoin being the largest incident. Coinbase also suffered an account drain of $18 million, contributing to $574.6 million in stolen funds, making May the highest-hacked month of 2024.
Trailing behind May, February remains the second-worst month for crypto hacks in 2024, with the $290 million PlayDapp breach being the most notable incident. Other security breaches and phishing attacks caused even more losses.
According to the PeckShield report, these statistics put August in third place regarding crypto hacks recorded in 2024.