hold or not - Crypto Hack Incidents Cause Damage Over $300 Million in August

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LIVE UPDATES • Crypto Hack Incidents Cause Damage Over $300 Million in August • Salvadoran Bitcoin Payment Continues to Promote at Starbucks • Leading the Charge in PolitiFi: $4WIN Coin Heats Up Ahead of Election 2024 Season • Bankrupt Bitcoin Miner Rhodium Receives $30 Million Loan Funding Approval • Spot Ethereum ETF Still Shows No Signs of Flow • Bitcoin ETF Outflow Sees 9 Days of Market Negativity in August • Brazilian X Suspension Now Released Following Tense Conflicts • Telegram Crypto Holding Hits $400M, Takes Majority of Profits • World Liberty Financial Continues to Issue Warnings About Scam Project • Can Ripple and Solana Keep Up? BlockDAG’s Phenomenal Team & $68M Presale is Heating Layer 1 Market

News Crypto Hack Incidents Cause Damage Over $300 Million in August 1 min - Around 2 mins mins to read

Key Points:

The crypto sector lost around $300.6 million in August 2024 due to crypto hack incidents, with $10.3 million recovered.

The Ronin Network suffered a significant attack, losing nearly $10 million worth of ETH due to a faulty upgrade deployment script.

According to CertiK Alert, the estimated losses in the cryptocurrency industry reached about $300.6 million in August 2024.

Read more: $1.38 Billion Lost in First Half 2024 Crypto Hacks: Report

$300 Million Loss in August Due to Crypto Hack Incidents

All these losses occurred because of a suite of vulnerabilities, hacker attacks, and scams. This is the second-highest on record so far this year. Fortunately, about $10.3 million has been recovered.

Of these, the biggest chunk was contributed by contract vulnerabilities at approximately $308.8 million. Crypto hacks and exploits are surely not going to go away anytime soon, especially with the DeFi sector continuing to take center stage in being the favorite playground for cybercriminals. Shockingly, no attack has been reported against centralized finance companies in 2024.

Among the crypto hack incidents that happened in August, Ronin Network is the highlight, which is considered the leading blockchain in gaming. A white hat hacker hacked the network and took 3,996 ETH, about $10 million at that time. This was on August 6th to have related with a faulty deployment script of the upgrade that had compromised the Ronin bridge.

Year-to-Date Crypto Losses Reach $1.21 Billion

Further insight from an Immunefi Crypto Losses report in August 2024 shows that the security challenges persist. It was indicated in the report that total losses due to hacks and scams in 2024 stood at $1.21 billion from 154 crypto hack incidents, up by 15.5% from the same period in 2023.

August, however, witnessed some interesting decline in the month-to-month losses: only $15.1 million lost in five crypto hack incidents, a fall by 38% from August 2023 and 94.5% compared to the previous month.

Crypto Hack Crypto Hack Incidents ETH Ethereum Ronin Ronin Network Scam

Author Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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Crypto Hack Incidents Cause Damage Over $300 Million in August