Crypto Projects Lost $310M to Scams in August, Second-Highest in 2024: CertiK
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
August saw a surge in crypto-related scams, with a staggering $310 million lost to various exploits, making it the second-highest monthly total this year.
According to a report from blockchain security firm CertiK, $10.3 million of the stolen assets were eventually recovered or returned, leaving the net loss at $300.6 million.
Phishing incidents emerged as the most damaging, accounting for approximately $293 million of the total losses.
Two particularly large-scale phishing attacks resulted in the theft of $238 million in Bitcoin and $55 million in DAI stablecoin.
Aside from phishing, other notable losses in August included attacks on several crypto projects.
For instance, the Ronin Network, an Ethereum Virtual Machine (EVM)-based sidechain, was exploited by a white hat hacker on August 6, resulting in the theft of 4,000 ETH, valued at $9.85 million at the time.
Additionally, flash loan attacks, though still concerning, resulted in relatively lower losses of $1.2 million in August compared to previous months.
In contrast to the rise in phishing and other forms of exploitation, exit scams saw a significant decline, with losses dropping to $800,000 in August, down from around $3 million in July.
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