Crypto hacks saw a significant decline in June 2024, with losses dropping over 50% compared to the previous month.
According to data from PeckShield, a crypto analytics firm, roughly 20 hacking incidents were reported in June, resulting in a net loss of nearly $176 million. This represents a substantial decrease of 54.2% compared to May 2024, which witnessed a staggering $385 million stolen through hacks and exploits.
#PeckShieldAlert June 2024 witnessed 20+ hacks in the crypto space, resulting in ~$176.2 million in losses. This marks a decrease of 54.2% from May 2024 (w/ ~$385m in hackers' profits).#Top 5 Hacks:#Btctruk: $100.25 million (CeFi)#Lykke: $22 million (CeFi)#UwULend: $19.4… pic.twitter.com/83XzWf82kw
— PeckShieldAlert (@PeckShieldAlert) July 1, 2024
While the news is positive, crypto exchanges were still the prime targets. The biggest heist involved BtcTurk, a Turkish exchange, where hackers absconded with over $100 million in crypto assets, according to PeckShield’s data. Early estimates from ZachXBT, a blockchain investigator, placed the losses around $55 million. Another exchange, Lykke, suffered a $22 million loss, highlighting the continued vulnerability of centralized platforms. Decentralized finance (DeFi) wasn’t immune either, with lending protocol UwU Lend falling victim to a $19.4 million exploit.
Source: PeckShield
This marked decrease in hacks could be attributed to several factors. Increased security measures adopted by exchanges in response to prior attacks might play a role. Additionally, heightened awareness within the crypto community regarding scams and phishing attempts could be contributing to the decline.
However, it’s crucial to maintain vigilance. Even with a significant drop, $176 million remains a hefty sum. Continued efforts to improve security protocols and educate users will be essential in safeguarding the crypto ecosystem from future attacks.
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