June’s Crypto Hacks Drop to $176 Million, Showing 54% Reduction from May

It is no longer news that the crypto ecosystem has been battling with numerous crypto hacks, of which the majority were successful and have resulted in massive losses for affected individuals.

Consequently, efforts have been put in place by trading platforms and individuals to forestall repeats of similar trends perpetuated by fraudsters. However, it is unfortunate that these hackers appear very smart and have always sought new means to break through security barriers.

$172 Million Forfeited In June

In a recent X post, PeckshieldAlert, a renowned crypto hacks tracker handle, revealed that June recorded a decline of about 54% from its previous value in May. Notedly, the percentage decline resulted in a $172 million loss against May, which was approximately $385 million.

Relating the above findings to its about 88.3K followers, the verified X account reported, "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."

Statistical Breakdown Of Lost Crypto Assets

According to the statistical data, BTC Turk, a renowned Turkish exchange, was the most affected, with about $100.25 million displaced crypto assets.

Next on the standings was the British crypto exchange Lykke, which suffered over $22 million in losses. Interestingly, the losses appear more pronounced in Centralised Finance (CeFi) settings other than the Decentralized Finance (DeFi) outlets, as evidenced by Btc Turk and Lykke being CeFi outlets.

Other trading platforms that completed the top 5 exchanges that recorded the most losses in June 2024 include UwU Lend, Holograph, and Velocore, with losses of approximately $19.4 million, $14.4 million, and $6.8 million, respectively.

Final Thoughts From The Concerning Crypto Hacks Trend

Judging from the recent troll of cyber theft occurrences, more crypto companies stand chances of forceful exploitation of their priced digital assets via the most unsuspecting means.

Until a lasting strategy emerges, which does not seem likely, to mitigate these cyber crimes, crypto assets will always remain highly risky. Hence, investors must remain alert to perceive possible breaches in their valuables and take appropriate steps to prevent them.

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.

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