Crypto Hacks Cost $176 Million in June, a 54% Drop from May
There was a major decline in crypto hacks in June, with losses totaling $176 million, according to recent PeckShield data. June numbers mark a 54.2% drop from the staggering $385 million thieves stole in May.
PeckShield revealed that over 20 security breaches occurred in June.
The largest hack in June targeted the BtcTurk crypto exchange, with hackers stealing over $100 million in crypto assets. Following closely was the UK centralized exchange Lykke, which suffered a $22 million loss.
The decentralized finance (DeFi) sector also suffered, with lending protocol UwU hacked for $19.4 million, ranking as the third-largest exploit of the month.
#PeckShieldAlert June 2024 witnessed 20+ hacks in the crypto space, resulting in ~$176.2 million in losses. This marks a decrease of 54.2% from May 2024 (w/ ~$385m in hackers' profits).#Top 5 Hacks:#Btctruk: $100.25 million (CeFi)#Lykke: $22 million (CeFi)#UwULend: $19.4… pic.twitter.com/83XzWf82kw
— PeckShieldAlert (@PeckShieldAlert) July 1, 2024
In contrast, May recorded about $385 million in losses, the highest so far in 2024. The Japan-based DMM crypto exchange hack resulted in a $305 million theft, the biggest case in May.
The predominant attack vectors included flash loan exploits, exit scams, and other technical vulnerabilities.
Despite these setbacks, blockchain security experts recovered approximately $96.2 million, offering some reassurance to the crypto community.
Crypto hacks continue to besiege the industry as the incidents seem to wax stronger, with more funds being lost to scammers.
According to research from blockchain security platform Immunefi, Q2 2024 saw a staggering $572 million in losses from crypto scams, more than doubling the $220 million lost in the same period of
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