Hackers targeted the crypto industry over ten times in August to plunder hundreds of millions.
Blockchain security firm PeckShield announced on Sunday that malicious actors seized hundreds of millions in cryptocurrency in more than ten security incidents during August.
The development followed a TRM Labs report on July 5 indicating that crypto larceny loss had exceeded $1.3 billion in the first half of 2024, up from the $657 million lost to breaches and exploits during the same period in 2023. Including the $234 million attack of WazirX on July 18, which was the second-biggest crypto security event this year, this amount does not take into account.
In an X (Twitter) post on September 1, PeckShield said the crypto industry witnessed over 10 breaches in August, resulting in a total loss of about $313.86 million.
Phishing attacks were the most prevalent security incidents of the month, leading to a loss of $293.4 million, or 93.5% of the total stolen funds. These attacks were responsible for the two largest breaches of the month. This included a $238 million unauthorized Bitcoin transfer detected by blockchain detective ZachXBT on August 19. Blockchain security firm SlowMist linked some of the 4,064 Bitcoins misappropriated in the incident to funds from Genesis Global Trading.
The other phishing attack seized $55.4 million in Dai stablecoins from a crypto titan in an attack that seemed to have been executed using the dreaded Inferno Drainer.
In accordance with the post, Ronin’s $12 million breach, an unauthorized transfer of $5.1 million, and Nexera’s $1.83 million attack comprised the remaining three of the month’s top five security incidents. However, Ronin, which had previously sustained a $600 million attack, managed to recover the stolen $12 million from the intruder.
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