The amount of money lost through hacks and exploits in
the cryptocurrency sector surged to the highest level year-to-date in July as it
reached USD $303 million. The securities platform focusing on blockchain
technology, Certik, released an update about the losses today (Monday).
According to the
company, the blockchain bridging platform Multichain reported the highest
amount of losses worth USD $125 million from exploits . Multichain ceased
operations in July, and its CEO Zhaojun was reportedly arrested by law enforcement agencies in China.
The highest amount lost through attacks on flash loans
was USD $3.2 million on Conic Finance, while that lost
through exit scams was USD $1.9 million on Kannagi Finance. The total losses
year-to-date from exploits, exit scams, and flash loans are USD $580 million,
USD $123 million, and USD $255 million, respectively.
On top of that, the total losses year-to-date due to
hacks and exploits have reached USD 961 million. The amount lost
to exploits is USD $285 million, while that lost to flash loans and exit scams is USD $8.7 million and USD $8.6 million, respectively.
Combining all the incidents in July we’ve confirmed ~$303M lost to exploits, hacks and scams. The most lost in a single month in 2023.
Exit scams were ~$8.6M
Flash loans were ~$8.7M
Exploits were ~$285M
See more details below 👇 pic.twitter.com/GtdsxsSohc
— CertiK Alert (@CertiKAlert) July 31, 2023
The latest data arrived
when Curve Finance, a decentralized finance platform, is counting losses worth
millions of dollars from an exploit reported last weekend. The
cryptocurrency exchange Huobi confirmed the exploit, saying Curve Finance could have lost USD $52 million. The funds lost from the DeFi platform are believed to have
been siphoned through a vulnerability in its smart contract coding language, Vyper.
Hackers Steal over $300M
in Q2
At the beginning of July, Finance
Magnates reported that
hackers stole USD
$313 million in the
second quarter of the year. The amount did not change much compared to USD $320
million lost during the first quarter. The amount lost through exit
scams alone doubled to USD $70 million.
Also referred to as a
‘rug pull’, an exit scam is a situation where an individual or a company
creates a cryptocurrency project, promotes it until…
