Date: Sat, August 31, 2024
In August 2024, the cryptocurrency market took a significant hit, with investors losing over $310.94 million to a series of devastating hacks, scams, and exploits. This information comes from the on-chain security firm CertiK Alert, which highlighted the severity of the losses. This month marked the second-largest crypto loss in 2024, with the biggest theft recorded in May, totaling $324.7 million.
Out of the substantial loss in August, the market managed to recover only a modest $10.3 million in crypto assets. CertiK Alert reported that the majority of the loss, around $308.8 million, came from various crypto thefts due to exploitation. In addition, $0.8 million was lost to exit scams, and $1.2 million was attributed to flash loan attacks.
#CertiKStatsAlert 🚨
— CertiK Alert (@CertiKAlert) August 31, 2024
Combining all the incidents in August we’ve confirmed ~$300.6m lost to exploits, hacks and scams after ~$10.3m was returned.
The amount is the second highest monthly loss so far in 2024.
Exit scams: ~$0.8m
Flash loans: ~$1.2m
Exploits: ~$308.8m
More… pic.twitter.com/6MLVenZsgj
Major Incidents in August 2024
Several major incidents contributed to the staggering losses in August. A notable case involved a Bitcoin phishing attack where $238 million worth of crypto was compromised. Another significant loss occurred with a 0xf28 wallet address, which saw $55 million in crypto assets vanish. Other incidents included the Ronin Network, which lost $11.7 million, and Vow, with a loss of over $1.2 million.
CertiK Alert’s data also revealed the top exploits of August. The Ronin Network was heavily targeted, resulting in a $11.7 million loss. Nexera faced a loss of $448.8k, while Convergence saw $210k of crypto assets disappear.
The Impact on the Crypto Market
These significant hacks and scams have had a noticeable impact on the cryptocurrency market. They have the potential to create fear among investors, especially those new to the space, and may lower their interest in investing in crypto.
This tough month for crypto investors serves as a reminder of the risks associated with the market and the importance of robust security measures to protect digital assets.
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