Crypto Hacks Drop 54% in June: $176M Lost Compared to $385M in May

Crypto Hacks Drop 54% in June: $176M Lost Compared to $385M in May
Table of Contents


  • June 2024 saw a welcome decline in cryptocurrency losses due to crypto hacks and exploits, with a 54% drop compared to May. Total net losses for June reached approximately $176 million, a significant improvement from May’s staggering $385 million.
  • Centralized exchanges remained the primary target for hackers, with the BtcTurk hack emerging as the biggest incident, leading to losses exceeding $100 million. Other notable exploits included the Lykke centralized exchange ($22 million) and the UwU Lend DeFi protocol ($19.4 million).
  • While June’s decrease in losses provides some relief, the crypto community shouldn’t become complacent. Overall, net losses from hacks in Q2 2024 still reflect a troubling rise of 115% compared to the same period in 2023, with total losses surpassing $572 million.

June witnessed a significant decline in losses due to crypto hacks and exploits. According to data from the crypto analytics firm PeckShield, net losses from cryptocurrency incidents plummeted by 54.2% compared to the previous month. Let’s dive into the details:

June’s Noteworthy crypto hacks Figures

  • Total Net Losses: Approximately $176 million
  • Number of Hacking Incidents: Around 20 reported cases

The BtcTurk Hack Takes Center Stage

The most prominent hack in June involved the BtcTurk crypto exchange. Hackers managed to pilfer over $100 million in crypto assets, making it the largest exploit of the month. Early estimates by on-chain sleuth ZachXBT put the losses at approximately $55 million.

Other Notable Exploits

  1. Lykke Centralized Exchange: The second-largest exploit occurred on the Lykke centralized exchange, resulting in $22 million in losses.
  2. UwU Lend DeFi Protocol: The third-largest incident targeted the UwU Lend decentralized finance (DeFi) lending protocol, causing a loss of $19.4 million.

Centralized Exchanges vs. DeFi Protocols

Crypto Hacks Drop 54% in June: $176M Lost Compared to $385M in May

Centralized exchanges dominated the rankings for losses in June. However, DeFi protocols also faced significant challenges. Here’s the breakdown:

  • Centralized Exchanges: These platforms accounted for the highest losses, with the BtcTurk hack leading the way. In total, centralized exchange exploits contributed $401 million (70% of the quarter’s total losses).
  • DeFi Protocols: Despite fewer incidents, DeFi protocols experienced 62 successful exploits during the quarter.

A Look Back at May

May was the crypto world’s toughest month in 2024 so far, witnessing nearly $385 million in net losses from hacks. The infamous private key hack of crypto exchange DMM drained a staggering $305 million worth of Bitcoin. In comparison, February saw net losses of $360 million, while April had the lowest figure at $60.19 million.

Q2 2024: A Mixed Bag

Although June brought relief, the overall trend remains concerning. Net losses increased by 115% in Q2 2024 compared to the same period in 2023. The total losses for Q2 2024 surpassed $572 million.

The crypto market continues to struggle to revert the current downward trend. Monday operations began with minor fluctuations under the 1% mark, according to data from CoinMarketCap.

In summary, while June’s decline is encouraging, the crypto community must remain vigilant. Centralized exchanges continue to be prime targets, even though successful attacks remain relatively rare.


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