Last month, the crypto space experienced $313 million in losses due to over ten different hacks.<\/p>\n
Of the total stolen funds, 93.5% were lost in two large phishing attacks that occurred during that time.<\/p>\n
According to a post<\/a> by blockchain security firm PeckShield, the two incidents combined for a loss of about $293.4 million.<\/p>\n In the first occurrence, an unknown whale lost more than 4,000 bitcoin (BTC), worth an estimated $238 million at the time, after falling victim to a phishing scheme. The funds were reportedly moved around several platforms, including THORChain and Railgun, making a recovery near impossible.<\/p>\n In the second attack, another large crypto holder saw about $55.4 million worth of Dai (DAI) transferred from their wallet without their authorization, with the perpetrator allegedly swapping the funds for their Ethereum (ETH) equivalent.<\/p>\n In addition, the Ronin Network also fell<\/a> victim to a significant exploit. Although $12 million was recovered from the attacker, unauthorized crypto transactions amounting to $5.1 million were still lost.<\/p>\n Another notable episode involved decentralized finance (DeFi) protocol Nexera, which suffered<\/a> a theft of $1.83 million due to a smart contract manipulation.<\/p>\n An additional report<\/a> by bug bounty platform Immunefi shows that as of last month, the crypto industry has lost $1.21 billion in digital assets due to hacks and rug pulls year-to-date (YTD). Interestingly, that particular analysis characterized crypto losses in August due to such happenings as some of the lowest in 2024.<\/p>\n It said that the industry lost about $15 million from five different incidents, an amount that was more than 94% lower than what was lost in July.<\/p>\n Of course, the main cause of the high amount lost in July was the hacking<\/a> of WazirX. The Indian crypto exchange lost $234.9 million from one of its multisig wallets. In response to the massive breach, the company is now implementing a phased plan to restore its financial operations.<\/p>\n The beleaguered exchange recently provided an update, where it announced that it had filed a moratorium with the Singapore High Court under the city state\u2019s Insolvency, Restructuring and Dissolution Act of 2018.<\/p>\n A moratorium is a legal protection under Singapore law, where WazirX is registered, that shields an applicant from actions by creditors, like winding-up proceedings and enforcement of security. During the moratorium, these legal actions are put on hold until it ends.<\/p>\n WazirX further explained<\/a> in an accompanying blog post that it anticipates a planned restructuring where the impact of the exploit will be allocated pro-rata across users who are classified as unsecured creditors.<\/p>\n The post Crypto Losses from Hacks Surpassed $313 Million in August<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Last month, the crypto space experienced $313 million in losses due to over ten different hacks. Of the total stolen funds, 93.5% were lost in two large phishing attacks that occurred during that time. August Cases According to a post by blockchain security firm PeckShield, the two incidents combined for a loss of about $293.4 […]<\/p>\n","protected":false},"author":0,"featured_media":2960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2959"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2959"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2959\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2960"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}WazirX Still in the News<\/h2>\n