June Crypto Report Cyberattacks and Fraud Deplete Almost 200 Million
### Story Highlights
– Cryptocurrency losses escalated in June 2024.
– Hacks and scams resulted in nearly $200 million lost, with DeFi applications being a major target.
– Despite losing almost $200 million, only $1.3 million was recovered, highlighting the need for better prevention.
June 2024 has proven challenging for the cryptocurrency sector, as numerous platforms and users experienced significant financial setbacks due to cyberattacks. According to data from CertiK alerts, a series of exploits, hacks, and scams led to approximately $198.3 million in losses, potentially marking June 2024 as the second-highest month for losses in cryptocurrency history.
But what exactly went wrong, and how can you protect yourself? Dive deeper to find out!
#CertiKStatsAlert
Combining all the incidents in June, we’ve confirmed approximately $198.3 million lost to exploits, hacks, and scams, with only about $1.3 million recovered. This amount represents the second-highest monthly loss in 2024.
– **Exit scams**: ~$4.8 million
– **Flash loans**: ~$23.5 million
– **Exploits**: ~$171.3 million
More details below…
pic.twitter.com/priRJNKhsv
— CertiK Alert (@CertiKAlert) June 30, 2024
### Exploits, Vulnerabilities, Losses
One of the biggest contributors to these losses was BtcTurk, a Turkish crypto exchange, which lost nearly $90 million in a hacker attack. Although some funds were recovered, this incident underscores the persistent risks in the crypto ecosystem. Exploits alone accounted for an estimated $171.3 million in losses. Various breaches and vulnerabilities in decentralized finance (DeFi) applications and systems have made them prime targets for attackers, highlighting the severe threats facing the DeFi sector.
### Flash Loan Attacks
Flash loan attacks were estimated to cost around $23.5 million in June. Flash loans allow users to borrow large sums of money without collateral, as the loan must be repaid within a single transaction. Malicious actors have exploited this to manipulate markets and drain liquidity pools, causing substantial financial damage.
### Exit Scams
Exit scams, where project developers abruptly abandon their projects and abscond with investors’ funds, resulted in approximately $4.8 million in losses. These frauds have further eroded trust in the cryptocurrency community.
### Successful Recoveries
Despite the high overall losses, there were some successful recoveries. Around $1.3 million of stolen funds were retrieved thanks to the efforts of security teams and blockchain analytics firms. These recoveries highlight the importance of immediate response strategies and the need for robust prevention measures.
June 2024 has reminded us of the vulnerabilities and risks in the cryptocurrency industry. While significant losses have been incurred, the efforts to recover stolen funds and improve security measures provide hope for the future. The industry must continue to strengthen its defenses against cyber attacks.
### Read Also:
– This Week in Crypto: Social Media Hacks Fuel $573M Q2 Losses
– With knowledge comes power. Stay informed about DeFi vulnerabilities with Coinpedia!
### Tags
– Hack