August just concluded, and a crypto losses estimate for the month has emerged, revealing a $310.8 million wipeout in crypto investments. Per Certik Alert, a crypto hack and scam monitoring account on X, the losses recorded in August are the second highest for 2024. For context, scammers carted the highest amount of crypto assets via several scams in May. The estimated losses were over $320 million, reflecting a narrow margin relative to August’s data.
August 2024 Crypto Investors Losses – Detailed Statistics
In its post, Certik Alert divided the losses into three categories. The first route of August’s cyber heist occurred via exit scams, with approximately $0.8 million in losses. The second was through flash loans that saw victims forfeit about $1.2 million.
The final and most significant cyber theft occurred via exploits, culminating in losses of about $308.8 million for investors. On the brighter side, the crypto scam tracker outlet hinted at the recovery of some of August's losses. However, the retrieved sum was relatively insignificant at about $10.3 million.
#CertiKStatsAlert 🚨
— CertiK Alert (@CertiKAlert) August 31, 2024
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: ~$308.8m
More… pic.twitter.com/6MLVenZsgj
A Recap of Notable Cyber Thefts in August
While the crypto market was relatively quiet in August, hackers remained active, marking their dubious presence with a phishing attack worth about $238 million in Bitcoin (BTC). Other notable losses in August 2024 include a $55 million loss suffered by a crypto wallet labeled "0xf28.” In addition, the Ronin Network became a scam victim in August 2024 as it forfeited $11.7 million.
How Have the Crypto Losses in August Affect the Market Outlook?
At the time of writing, the global crypto market is down by 4.2% in the past 24 hours despite its $2.113 trillion valuation. The world's number one cryptocurrency, Bitcoin, is also down by about 2.7% from the previous day. Its price has continued to drop despite attempts to break above $60,000. Currently, Bitcoin is changing hands at about $57,400. Its market capitalization remained domineering at roughly $1.13 trillion.
