August 2024 Sees $310 Million Crypto Loss Amid Major Hacks and Scams
In August 2024, the cryptocurrency sector experienced a significant downturn, with losses exceeding $310 million due to a series of hacks, scams, and exploits, according to CertiK Alert.
This loss marked the second-largest of the year, following the $324.7 million theft recorded in May.
From this considerable damage, the market has only recouped about $10.3 million. Most of the $308.8 million lost was attributed to theft, while exit scams and flash loans contributed $0.8 million and $1.2 million, respectively.
Combining all the incidents in August we’ve confirmed ~$300.6m lost to exploits, hacks and scams after ~$10.3m was returned.
The amount is the second highest monthly loss so far in 2024.
Exit scams: ~$0.8m
Flash loans: ~$1.2m
Exploits: ~$308.8mMore… pic.twitter.com/6MLVenZsgj
— CertiK Alert (@CertiKAlert) August 31, 2024
Key incidents in August included a phishing attack resulting in a $238 million loss in Bitcoin, a $55 million loss from a 0xf28 wallet, and significant losses from the Ronin Network, Vow, and others.
READ MORE: Chinese Crypto Data Firm Executives Under Investigation
The top exploits involved Ronin Network with $11.7 million lost, Nexera with $448,800, and Convergence with $210,000.
These incidents have impacted market sentiment, with major cryptocurrencies like Bitcoin, Ethereum, Solana, and Dogecoin seeing price declines of 12%, 20%, 26%, and 21% respectively over the past month.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
