The Crypto Industry Experienced Over $45 Million in Losses Due to Exploits and Hacks in August
In August, the cryptocurrency industry suffered significant damage from malicious actors, resulting in over $45 million in losses. Here are the key points:
- The primary cause of the losses was the PEPE exploit, which led to a loss of $13.2 million.
- Exit scams accounted for approximately $26 million, while flash loan attacks and exploits combined totaled nearly $20 million.
- The Zunami Protocol attack contributed to $2.2 million in losses, and the Exactly Protocol exploit resulted in $7.3 million being siphoned off.
- The most significant incident was the PEPE withdrawal, which accounted for $13.2 million in losses. This withdrawal involved a mysterious transfer of $16 million from the Pepecoin (PEPE) project’s multi-sig wallet.
- PEPE’s price dropped by approximately 15% on Aug. 24 due to the community’s fear of a potential rug pull.
Despite these losses, PEPE is currently trading at $0.000000816110, with a 24-hour trading volume of $63,593,981, according to CoinGecko.
Hot Take:
The crypto industry continues to be a target for malicious actors, resulting in significant financial losses. It is crucial for investors and users to remain vigilant and take necessary precautions to protect their assets. The PEPE exploit and other incidents serve as a reminder of the importance of security and due diligence in the crypto space.
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