July saw over $230 million in crypto hacks but fear not, 99BTC Learn-To-Earn presale is here to help. Get paid for learning about the Blockchain.
Crypto-related hacks continue to thrive. Blockchain security firm PeckShield reported a significant surge in such security breaches last month, with 16 incidents during the month of July resulting in around $266 million in losses.
WazirX Hack Accounts For Nearly 90% Of July’s Security Breach Losses
More than a week after $235 million was stolen from the Indian crypto exchange WazirX, it was identified that the North Korean hacker group Lazarus Group was behind this massive theft.
According to Cyfirma, the state-sponsored attack is linked to North Korea's Reconnaissance… pic.twitter.com/1gMfqcKz02
— Indian Startup News (@indstartupnews) July 30, 2024
We previously reported on the most severe breach, the Indian centralized crypto exchange WazirX.
That alone accounted for $230 million of July’s losses to hacks. Blockchain experts traced the attack to the notorious North Korea-backed Lazarus Group, which began laundering the stolen funds using crypto-mixing services such as Tornado Cash.
WazirX quickly halted operations and even offered a $23 million bounty to encourage the attackers to return the stolen assets.
The exchange also suggested a “socialized loss strategy” to distribute the financial impact fairly among all users.
Some other well-known names were on the list of casualties in July. A popular autonomous interest rate protocol, Compound, faced a potential governance attack worth $24 million.
Meanwhile, bridging protocol LI.FI and decentralized AI protocol Bittensor were hacked for $9.7 million and $8 million, respectively.
While analyzing today's @lifiprotocol hack, we notice an earlier hack on the same protocol on March 20, 2022.
The bug is basically the same. https://t.co/YcuEe4efOT
Are we learning anything from the past lesson(s)? https://t.co/nV4IuX7T7j pic.twitter.com/aVB6FQ3MnT
— PeckShield Inc. (@peckshield) July 16, 2024
Returned Funds: Some Good News In A Sea Of Bad
In rare good news for crypto hacks, liquidity provider RhoMarkets lost $7.6 million due to a security breach, but the funds have since been returned. Similar to the decentralized lending platform, DeltaPrime, which suffered a $1 million hack. It also managed to recover a substantial portion of its lost funds.
Other platforms that suffered hacks in July include DoughFina ($1.86 million), Minterest ($1.4 million), and MonoSwap ($1.3 million).
Most of the hackers behind the aforementioned cases use Tornado Cash to mix their stolen funds, making it easier for them to cover their tracks.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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