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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Crypto projects lose $278 million to July hacks, second-highest in 2024

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Crypto projects lost $278.8 million to exploits and hacks in July—the second-highest monthly loss this year—according to blockchain security firm CertiK.

CertiK pointed out that the losses were primarily due to exit scams, flash loans, and other exploits. However, $7.8 million of these stolen assets were recovered, reducing the net loss to $270.9 million.

The exploits

Project exploits were the most significant contributors, amounting to approximately $265 million. The top five exploits, including incidents involving WazirX, Li.Fi, Bittensor PyPi, and Terra IBC were responsible for about $253 million.

On July 18, Indian crypto exchange WazirX suffered an exploit totaling $235 million, triggered by suspicious transactions in its Ethereum network multi-sig wallet. Market observers said the attack was linked to North Korea-backed Lazarus Group, which has begun laundering the funds via crypto mixing tools like Tornado Cash.

Meanwhile, the exchange has paused operations and introduced a $23 million bounty to incentivize the attackers to refund the stolen funds. WazirX has also proposed “implementing a socialized loss strategy to distribute the impact equitably among all users.”

Another major exploit last month was the $10 million smart contract exploit of the LiFi protocol. Reports revealed that the platform had suffered a similar attack in March 2022.

Crypto exploits
Crypto Exploits in July (Source: CertiK)

Flash loan attacks also saw notable incidents. On July 19, Rho Markets, a lending protocol on the Scroll layer-2 network, experienced a $7.6 million exploit on its USDC and USDT pools. The platform later confirmed that the entire amount was recovered from the MEV address.

Dough Finance, a liquidity provider, suffered a $2.1 million loss through multiple flash loan transactions. While some funds were returned, a significant portion was sent to the crypto-mixing tool Tornado Cash.

Furthermore, exit scams contributed roughly $3 million in losses last month.

The post Crypto projects lose $278 million to July hacks, second-highest in 2024 appeared first on CryptoSlate.

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