Hackers and fraudsters drained $23.4 million from crypto projects in August
The security services platform Immunefi reported that hackers and fraudsters stole approximately $23.4 million worth of digital assets from crypto projects in August, a significant decrease of 92% compared to the losses in July. Here are the key points:
- Hacks accounted for almost 70% of the total losses, amounting to $15.8 million.
- Fraud made up an additional $7.5 million of the losses.
- DeFi organizations were the main target for bad actors in August.
- The blockchains that suffered the most attacks were Ethereum, Base, and BNB Chain.
- Magnate Finance, a lending protocol on the Base blockchain, experienced a significant fraud.
Losses since the start of 2023 reach $1.2 billion
Immunefi also provided insights into the overall losses in the past several months. Here are the key points:
- Since the beginning of the year, hackers and fraudsters have stolen over $1.2 billion worth of digital assets.
- July was particularly active for wrongdoers, with losses amounting to almost $320.5 million.
- Notable examples include the Multichain hack, the Curve Finance exploit, and the attack on Alphapo.
Hot Take: While the decrease in losses in August is promising, the crypto industry still faces significant security challenges. It is crucial for projects to prioritize security measures and for users to remain vigilant to protect their assets.
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