According to a recent report, the cryptocurrency industry witnessed a significant 92% decrease in losses caused by hacks and exploits in the month of August. This positive development indicates improved security measures and a more robust infrastructure within the crypto space. Investors and enthusiasts can now have greater confidence in the safety of their digital assets, ultimately fostering the growth and adoption of cryptocurrencies.
How Much Did Hackers Steal from Crypto Projects in August?
Hackers and fraudsters have managed to drain approximately $23.4 million worth of digital assets from crypto projects in August, according to Immunefi, a security services platform offering protection against Web3 bugs. While this figure may seem significant, it is actually 92% less than the recorded losses in July, when wrongdoers siphoned over $320 million.
Last Month’s Attacks
In August, crypto projects suffered losses of $23,366,220 due to attacks. Hacks accounted for nearly 70% of the total sum ($15.8 million), while fraud made up an additional $7.5 million. DeFi organizations were the main targets for bad actors last month, with CeFi platforms remaining unexploited.
The most frequently targeted blockchains in the past 30 days were Ethereum, Base, and BNB Chain, representing approximately 62% of the total losses. Optimism was targeted twice, while Solana, Arbitrum, and Avalanche each experienced one incident.
Magnate Finance, a lending protocol on the recently launched Base blockchain, fell victim to a major fraud last week. The platform’s deployer was found to have a connection with two DeFi projects that turned out to be exit scams – Solfire and Kokomo Finance. After draining approximately $1 million of assets, the scammer bridged the funds to the BNB Chain. Following the incident, Magnate Finance’s website went offline and the team deleted their Telegram channel and related accounts.
Cumulative Losses Since 2023
Immunefi’s analysis of the past several months reveals that hackers and fraudsters have stolen over $1.2 billion worth of digital assets across 211 specific events since the beginning of the year. July recorded one of the most active periods for wrongdoers, with losses nearing $320.5 million, a staggering 92% increase compared to the losses registered in August.
The security services platform Immunefi recently reported that hackers and fraudsters stole approximately $23.4 million worth of digital assets from various crypto projects in the month of August. While this figure is significant, it is a substantial decrease of 92% compared to the recorded losses in July, which amounted to over $320 million.
In August alone, crypto projects experienced losses of $23,366,220 due to attacks. The majority of these losses, almost 70%, were attributed to hacks, amounting to $15.8 million, while fraud accounted for an additional $7.5 million. Immunefi highlighted that DeFi organizations were the primary targets for these attacks, with CeFi platforms remaining unexploited during this period.
The blockchains that suffered the most attacks in the past 30 days were Ethereum, Base, and BNB Chain, representing around 62% of the total losses. Optimism was targeted twice, while Solana, Arbitrum, and Avalanche each experienced a single attack.
One notable incident involved Magnate Finance, a lending protocol on the Base blockchain. It was revealed that the platform’s deployer had connections with two DeFi projects that turned out to be exit scams – namely, Solfire and Kokomo Finance. The scammer managed to drain approximately $1 million of assets and then transferred the funds to the BNB Chain. In response to the incident, Magnate Finance’s website went offline, and the team deleted their Telegram channel and associated accounts.
In addition to the data for August, Immunefi also provided insights into the cumulative losses since the start of 2023. It was found that hackers and fraudsters have stolen over $1.2 billion worth of digital assets across 211 specific events this year. July was particularly active in terms of attacks, with losses amounting to nearly $320.5 million, representing a significant 92% increase compared to the losses recorded in August.
Please note that the following offers are sponsored:
– Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures for the first month.
– PrimeXBT Special Offer: Use this link to register and enter the CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.