July Crypto Hack Spree Threatens Recovery of DeFi Sector

July Crypto Hack Spree Threatens Recovery of DeFi Sector
фото показано с : beincrypto.com

2023-8-1 07:25

Crypto hacks and exploiters had a ball in July with around 50 attacks resulting in hundreds of millions in losses. An equally bumper August for cyber criminals could hamper any recovery for the decentralized finance (DeFi) sector.

According to blockchain security firm PeckShield, there were more than 48 major hacks in July, leading to around $165 million in losses.

Crypto Hacks Take an Upper Hand

Remarkably, this figure did not even include the $209 million drained from the cross-chain bridge platform Multichain.

PeckShield reported that the top five hacks accounted for 95% of total stolen funds last month at $156 million. July has been the second-highest month for hacking losses after March, when more than $200 million was pilfered. 

The largest attack was the Vyper reentrancy exploit that targeted Curve Finance stable pools. Furthermore, a raft of other DeFi protocols were also affected, resulting in around $65 million in losses. 

Moreover, the fallout of that particular attack is still being felt, as the total value locked in the DeFi sector has dropped $3.5 billion since the incursion.

The second largest hack in July was the crypto payments platform CoinsPaid which lost $37 million on July 22. The firm has fingered the notorious North Korean hacking collecting Lazarus Group in the heist. 

Crypto Hacks and Web3 Security Report July. Source: PeckShield (Dis)Honorable Mentions

Poly Network lost $26 million in an access control exploit, while AlphaPo lost $23 million in a similar attack. 

De.Fi claims that losses for July were much greater, making it the worst month of the year. It claims $486 million in crypto was lost last month.

Read more: How To Choose a Cryptocurrency Lending Platform

However, the platform includes all types of exploits, incursions, and misdemeanors, including rug pulls, social media account hacks, access control issues, and flash loan attacks. 

As we enter August, a series of memecoin rug pulls such as BALD could be added to the tally this month. De.Fi’s Rekt database shows the latest rug pull could have resulted in a loss of $23 million. 

Crypto markets have finally reacted to a week of exploits and are starting to drop fast. Total capitalization has dumped 2% on the day in a fall to $1.2 trillion. Around $30 billion has left the space over the past 12 hours or so, according to CoinGecko. 

The post July Crypto Hack Spree Threatens Recovery of DeFi Sector appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto july sector defi recovery spree hack

crypto july → Результатов: 126


Фото:

Kenya Should Pursue Cryptocurrency Adoption, Says National Blockchain Task Force

A crypto and blockchain think tank in Kenya is advising authorities to focus on ensuring cryptocurrency adoption in the country, reports CGTN Africa, July 25, 2019. Meanwhile, there hasn’t been much progress regarding the issuance of standardized regulations for digital assets in Kenya but the central bank says the Facebook Libra project poses a systemicRead MoreRead More.

2019-7-26 01:00


Huobi Expands to Thailand: Regulated Crypto Exchange Set to Take-off in Q3 2019

Crypto exchange, Huobi will be expanding its services to Thailand as the fifth regulated crypto exchange according to a press release shared with BitcoinExchangeGuide. Referencing an announcement made by the team on Wednesday, July 24, the news outlet reported that said endeavor will come into effect in the third quarter of 2019. Details regarding the […]

2019-7-25 19:58


Swiss Bank Dukascopy Unveils Reward Programs for DUK+ Crypto Holders

Bitcoin Press Release: Swiss-based foreign exchange bank, Dukascopy Bank launches a reward program as an incentive to both new and existing Mobile Current Account users on its messenger app. 25 July 2019, Geneva, Switzerland – Dukascopy Bank SA, an online Swiss FOREX banking service provider which created the cryptocurrency Dukascoin (DUK+), a first of its […] The post Swiss Bank Dukascopy Unveils Reward Programs for DUK+ Crypto Holders appeared first on Bitcoin PR Buzz.

2019-7-25 18:36


More trouble for Facebook’s Libra, Bitcoin falls below key indicator and more

Crypto News – 24 July – More trouble for Facebook’s Libra, Bitcoin falls below key indicator and more Don’t forget to follow us for our daily videos pic.twitter.com/CvsXwe2o5P — AMBCrypto (@CryptoAmb) July 24, 2019 Crypto News – 24 July Bitcoin puts two paradigm shifts into motion Bitcoin has evolved from the dark web and the […] The post More trouble for Facebook’s Libra, Bitcoin falls below key indicator and more appeared first on AMBCrypto.

2019-7-24 19:00


Фото:

Bitcoin Price To Hit $42000 In 2019; $356,000 By 2021: Pantera Capital

Bitcoin price action could hit a massive $42,000 figure by the end of this year, the CEO of crypto investment firm and hedge fund Pantera Capital thinks.   Bitcoin Price Trend Line Can Lead To Huge Gains Speaking on the latest episode of the Unchained Podcast on July 23, Dan Morehead said that the firm was sticking by its trusted Bitcoin price analysis to determine future performance.

2019-7-24 10:51