{"id":168276,"date":"2024-07-01T14:06:35","date_gmt":"2024-07-01T14:06:35","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=168276"},"modified":"2024-07-01T14:06:39","modified_gmt":"2024-07-01T14:06:39","slug":"crypto-hacks-drop-54-in-june-176m-lost-compared-to-385m-in-may","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/crypto-hacks-drop-54-in-june-176m-lost-compared-to-385m-in-may\/","title":{"rendered":"Crypto Hacks Drop 54% in June: $176M Lost Compared to $385M in May"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">June 2024 saw a welcome decline in cryptocurrency losses<\/span><\/strong><span data-preserver-spaces=\"true\"> 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\u2019s staggering $385 million.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Centralized exchanges remained the primary target for hackers,<\/span><\/strong><span data-preserver-spaces=\"true\"> 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).<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">While June\u2019s decrease in losses provides some relief, <\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">the crypto community shouldn&#8217;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.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">June witnessed a significant decline in losses due to crypto hacks and exploits.<\/span><\/strong><span data-preserver-spaces=\"true\"> According to data from the crypto analytics firm PeckShield, net losses from <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/what-are-cryptocurrencies-and-which-are-the-best-to-invest-in\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cryptocurrency <\/span><\/a><span data-preserver-spaces=\"true\">incidents plummeted by 54.2% compared to the previous month. Let\u2019s dive into the details:<\/span><!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#PeckShieldAlert<\/a> 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&#39; profits).<a href=\"https:\/\/twitter.com\/hashtag\/Top?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Top<\/a> 5 Hacks:<a href=\"https:\/\/twitter.com\/hashtag\/Btctruk?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Btctruk<\/a>: $100.25 million (CeFi)<a href=\"https:\/\/twitter.com\/hashtag\/Lykke?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Lykke<\/a>: $22 million (CeFi)<a href=\"https:\/\/twitter.com\/hashtag\/UwULend?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#UwULend<\/a>: $19.4\u2026 <a href=\"https:\/\/t.co\/83XzWf82kw\" target=\"_blank\">pic.twitter.com\/83XzWf82kw<\/a><\/p>\n<p>&mdash; PeckShieldAlert (@PeckShieldAlert) <a href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1807662261148029227?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">July 1, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">June\u2019s Noteworthy crypto hacks Figures<\/span><\/h2>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Total Net Losses<\/span><\/strong><span data-preserver-spaces=\"true\">: Approximately $176 million<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Number of Hacking Incidents<\/span><\/strong><span data-preserver-spaces=\"true\">: Around 20 reported cases<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">The BtcTurk Hack Takes Center Stage<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The most prominent hack in June involved the BtcTurk crypto exchange.<\/span><\/strong><span data-preserver-spaces=\"true\"> 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.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Other Notable Exploits<\/span><\/h2>\n<ol style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Lykke Centralized Exchange<\/span><\/strong><span data-preserver-spaces=\"true\">: The second-largest exploit occurred on the Lykke centralized exchange, resulting in $22 million in losses.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">UwU Lend DeFi Protocol<\/span><\/strong><span data-preserver-spaces=\"true\">: The third-largest incident targeted the UwU Lend decentralized finance (DeFi) lending protocol, causing a loss of $19.4 million.<\/span><\/li>\n<\/ol>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Centralized Exchanges vs. DeFi Protocols<\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-168277\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/07\/CEFIvsDEFI.jpg\" alt=\"Crypto Hacks Drop 54% in June: $176M Lost Compared to $385M in May\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/07\/CEFIvsDEFI.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/07\/CEFIvsDEFI-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/07\/CEFIvsDEFI-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Centralized exchanges dominated the rankings for losses in June. <\/span><\/strong><span data-preserver-spaces=\"true\">However, <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/defi-decentralized-finances\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">DeFi <\/span><\/a><span data-preserver-spaces=\"true\">protocols also faced significant challenges. Here\u2019s the breakdown:<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Centralized Exchanges<\/span><\/strong><span data-preserver-spaces=\"true\">: 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\u2019s total losses).<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">DeFi Protocols<\/span><\/strong><span data-preserver-spaces=\"true\">: Despite fewer incidents, DeFi protocols experienced 62 successful exploits during the quarter.<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">A Look Back at May<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">May was the crypto world\u2019s toughest month in 2024 so far, witnessing nearly $385 million in net losses from hacks. <\/span><\/strong><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Q2 2024: A Mixed Bag<\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Although June brought relief, the overall trend remains concerning. <\/span><\/strong><span data-preserver-spaces=\"true\">Net losses increased by 115% in Q2 2024 compared to the same period in 2023. <\/span><strong><span data-preserver-spaces=\"true\">The total losses for Q2 2024 surpassed $572 million.<\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The crypto market continues to struggle to revert the current downward trend. Monday operations began with minor fluctuations under the 1% mark, according to <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/coinmarketcap.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">data <\/span><\/a><span data-preserver-spaces=\"true\">from CoinMarketCap.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">In summary, while June\u2019s decline is encouraging, the crypto community must remain vigilant. Centralized exchanges continue to be prime targets, even though successful attacks remain relatively rare.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR 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\u2019s staggering $385 million. Centralized exchanges remained the primary target for hackers, with the BtcTurk hack emerging as the &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Crypto Hacks Drop 54% in June: $176M Lost Compared to $385M in May\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/crypto-hacks-drop-54-in-june-176m-lost-compared-to-385m-in-may\/#more-168276\" aria-label=\"More on Crypto Hacks Drop 54% in June: $176M Lost Compared to $385M in May\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":168278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4602,4656,5287,4708],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/168276"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=168276"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/168276\/revisions"}],"predecessor-version":[{"id":168280,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/168276\/revisions\/168280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/168278"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=168276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=168276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=168276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}