Crypto Hacks in June See $176 Million in Losses, a Significant 54% Decrease from May
Recent data from PeckShield reveals a notable downturn in crypto hacks for June, totaling losses of $176 million. This marks a sharp 54.2% reduction from the substantial $385 million stolen in May.
PeckShield’s findings indicate that over 20 security breaches occurred throughout June.
Major Incidents Highlighted
June witnessed a slowdown in crypto hacks, offering a glimmer of positivity amid recent challenges.
The largest hack targeted the BtcTurk exchange, resulting in the theft of more than $100 million in crypto assets. Following closely, the UK-based centralized exchange Lykke reported losses amounting to $22 million.
The decentralized finance (DeFi) sector also faced setbacks, notably with the UwU lending protocol suffering a hack that resulted in losses totaling $19.4 million, ranking as the third-largest exploit of the month.
Comparative Analysis
In contrast, May’s losses soared to approximately $385 million, making it the highest recorded in 2024. The DMM crypto exchange hack in Japan alone accounted for $305 million of these losses, marking the largest incident in May.
Common Attack Vectors
The primary methods used in these hacks included flash loan exploits, exit scams, and various technical vulnerabilities.
Despite Challenges, Some Recovery
Despite these setbacks, blockchain security experts managed to recover around $96.2 million, providing some reassurance to the crypto community.
Comparison with Previous Trends
Crypto hacks continue to pose significant challenges, with losses increasing notably year-over-year. Research from blockchain security platform Immunefi shows that Q2 2024 saw total losses of $572 million from crypto scams, more than doubling the $220 million reported in the same period in 2023.
Centralized exchanges remained prime targets, with the DMM Bitcoin and BtcTurk hacks alone accounting for over 62% of losses in the quarter. According to CryptoNews, centralized finance (CeFi) platforms suffered staggering losses of $401 million in Q2 2024, marking a drastic 984% increase from the same period in 2023.
DeFi protocols, while experiencing a higher frequency of incidents, reported lower losses totaling $171 million, down 25% from Q2 2023.
Network Targets and Trends
Ethereum and Binance Smart Chain networks were the most targeted, accounting for 71% of total losses. A concerning trend was the increased attention towards Ethereum layer 2 solutions, notably Arbitrum, which suffered four incidents and accounted for 5.5% of total losses.
Despite Challenges, Some Successes
Amid the challenging landscape, some victories were noted as protocols like Gala Games, Alex Labs, Bloom, and Yolo Games successfully recovered a significant portion of their lost assets. However, these recoveries represented only about 5% of the total losses for the quarter.
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Original article source: Crypto Hacks Cost $176 Million in June, a 54% Drop from May
