08-01-2023, 10:04 PM
Crypto Hacks and Exploits Peak Year-to-Date in July: Report
<p>The amount of money lost through hacks and exploits in
the cryptocurrency sector surged the highest year-to-date to USD $303 million in July. The security platform focusing on blockchain
technology, Certik, released an update about the losses today (Monday).</p><p>According to the company, the blockchain bridging platform, Multichain, reported the highest 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.</p><p>Losses from Exit Scams</p><p>The highest amount lost through attacks on flash loans
was USD $3.2 million on Conic Finance, while the highest amount 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.</p><p>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 in July is USD $285 million, while that lost to flash loans and exit scams is USD $8.7 million and USD $8.6 million, respectively.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/CertiKStatsAlert?src=hash&ref_src=twsrc%5Etfw">#CertiKStatsAlert</a> ? 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 ~$8.6MFlash loans were ~$8.7M Exploits were ~$285MSee more details below ? <a href="https://t.co/GtdsxsSohc">pic.twitter.com/GtdsxsSohc</a></p>— CertiK Alert (@CertiKAlert) <a href="https://twitter.com/CertiKAlert/status/1685972350393573376?ref_src=twsrc%5Etfw">July 31, 2023</a></blockquote><p>The latest data arrived
when Curve Finance, a decentralized finance (DeFi) platform, is counting losses worth
millions of dollars from an <a href="https://www.financemagnates.com/cryptocurrency/upbit-stops-withdrawal-as-curve-finance-loses-millions-of-dollars-to-exploit/" target="_blank" rel="follow">exploit reported last weekend</a>. The
cryptocurrency exchange Huobi confirmed the incident, saying Curve Finance could have lost USD $52 million. The funds are believed to have
been siphoned through a vulnerability in the DeFi platform's smart contract coding language, Vyper.</p><p>Hackers Steal over $300M
in Q2</p><p>At the beginning of July, <a href="https://www.financemagnates.com/terms/a/artificial-intelligence-ai/" target="_blank" rel="follow">Finance
Magnates</a> reported that
hackers stole <a href="https://www.financemagnates.com/cryptocurrency/crypto-hacks-and-exploits-decline-in-q2-2023-report/" target="_blank" rel="follow">USD
$313 million</a> in the
second quarter of the year. The amount did not change much compared to USD $320
million lost during the first quarter. The money lost through exit
scams alone doubled to USD $70 million.</p><p>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 it achieves a certain
monetary value, and then disappears, leaving investors with worthless tokens.
Besides that, hacks and exploits involve a situation where hackers infiltrate a network and
steal data or digital assets.</p>
This article was written by Jared Kirui at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...ly-report/
<p>The amount of money lost through hacks and exploits in
the cryptocurrency sector surged the highest year-to-date to USD $303 million in July. The security platform focusing on blockchain
technology, Certik, released an update about the losses today (Monday).</p><p>According to the company, the blockchain bridging platform, Multichain, reported the highest 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.</p><p>Losses from Exit Scams</p><p>The highest amount lost through attacks on flash loans
was USD $3.2 million on Conic Finance, while the highest amount 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.</p><p>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 in July is USD $285 million, while that lost to flash loans and exit scams is USD $8.7 million and USD $8.6 million, respectively.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/CertiKStatsAlert?src=hash&ref_src=twsrc%5Etfw">#CertiKStatsAlert</a> ? 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 ~$8.6MFlash loans were ~$8.7M Exploits were ~$285MSee more details below ? <a href="https://t.co/GtdsxsSohc">pic.twitter.com/GtdsxsSohc</a></p>— CertiK Alert (@CertiKAlert) <a href="https://twitter.com/CertiKAlert/status/1685972350393573376?ref_src=twsrc%5Etfw">July 31, 2023</a></blockquote><p>The latest data arrived
when Curve Finance, a decentralized finance (DeFi) platform, is counting losses worth
millions of dollars from an <a href="https://www.financemagnates.com/cryptocurrency/upbit-stops-withdrawal-as-curve-finance-loses-millions-of-dollars-to-exploit/" target="_blank" rel="follow">exploit reported last weekend</a>. The
cryptocurrency exchange Huobi confirmed the incident, saying Curve Finance could have lost USD $52 million. The funds are believed to have
been siphoned through a vulnerability in the DeFi platform's smart contract coding language, Vyper.</p><p>Hackers Steal over $300M
in Q2</p><p>At the beginning of July, <a href="https://www.financemagnates.com/terms/a/artificial-intelligence-ai/" target="_blank" rel="follow">Finance
Magnates</a> reported that
hackers stole <a href="https://www.financemagnates.com/cryptocurrency/crypto-hacks-and-exploits-decline-in-q2-2023-report/" target="_blank" rel="follow">USD
$313 million</a> in the
second quarter of the year. The amount did not change much compared to USD $320
million lost during the first quarter. The money lost through exit
scams alone doubled to USD $70 million.</p><p>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 it achieves a certain
monetary value, and then disappears, leaving investors with worthless tokens.
Besides that, hacks and exploits involve a situation where hackers infiltrate a network and
steal data or digital assets.</p>
This article was written by Jared Kirui at www.financemagnates.com.
https://www.financemagnates.com//cryptoc...ly-report/