Crypto Hacks Decline in June; Q2 2024 Losses still Surpass Previous Year's Figures
Summary:
Cryptocurrency-related cyberattacks significantly decreased by 54.2% in June 2024 compared to the previous month. The data, confirmed by PeckShield, states that almost $176 million was lost from around 20 crypto hacking incidents in June. This is considerably less than the $385 million stolen in May. The most impactful breaches occurred at BtcTurk, Lykke exchange, and DeFi lending protocol UwU Lend. Despite a decrease in net losses from hacks in June, Q2 of 2024 witnessed a 115% rise in such losses compared to Q2 of 2023. Most recurring cyberattacks were observed on centralized exchanges, although they had a significantly lower success rate compared to decentralized protocols.
Cryptocurrency-related cyberattacks reported a significant downturn of 54.2% in June compared to May, showcasing a descending trend in these exploitative endeavors. This insight comes from PeckShield, a specialized firm in crypto analytics, which has confirmed roughly 20 cases of crypto hacking in June that has culminated into an aggregate loss of nearly $176 million. This figure is notably lower than May 2024's shocking $385 million, which was stealthily siphoned away by cybercriminals.
The notorious hacking activity of BtcTurk, a crypto exchange platform, claimed the title of June's most substantial exploit, resulting in the loss of more than $100 million in crypto assets, based on the data from Peckshield. Initial projections by ZachXBT, an authoritative figure in onchain analysis, approximated the losses to be around $55 million. Hot on the heels of the BtcTurk incident, the Lykke exchange suffered an attack, with losses amounting to $22 million, and subsequently, the DeFi lending protocol, UwU Lend, endured a $19.4 million loss.
Among the top five hacking incidents that occurred in June, a distinct pattern emerged as two centralized exchanges bore the brunt of the highest losses, trailed by three decentralized finance (DeFi) protocols.
2024's major crypto hacking activity transpired in May with staggering net losses nearing $385 million. The most significant individual loss was a cryptocurrency exchange, DMM, which saw $305 million in Bitcoin (BTC) spirited away due to a nefarious private key hack on 31st May. Despite April recording notably low hack-incidents and loss-value up to $60.19 million, February witnessed crooks running away with the colossal amount of $360 million.
Regardless of June indicating a sharp reduction in net losses from cyberattacks, the second quarter of 2024 saw the losses skyrocket by 115% compared to the same period last year. The losses in the second quarter of 2024 were more than double of Q2 2023 ($220 million) reaching over $572 million. Centralized exchange exploits were the major culprits behind the majority of this quarter's losses.
Though losses from centralized exchanges run high this quarter, the data reflects a low success rate in their hacking attempts. Only five incidents out of all attacks turned out triumphant, while decentralized protocols experienced 62 successful exploits.
Published At
7/1/2024 12:07:09 PM
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