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Crypto Industry Fights Back Against Hackers! Losses Plunge 54% in June

June 2024 witnessed a series of major hacks resulting in losses exceeding $176.2 million. According to PeckShield Alerts, these losses stemmed from 20 different hacks on both DeFi and CeFi platforms. In contrast, May saw online criminals netting approximately $385 million, making June’s losses 54.2% lower than the previous month.

Factors Contributing to the Decrease in Hacking Profitability

Enhanced security measures: 

Most of the trading platforms in the area of cryptos have remained keen on implementing higher degrees of security like Multi-Factor Authentication, better encryption, and auditing. That has helped to be a hindrance to the flexibility which these hackers have in exploiting these areas of weakness. 

User education: 

Because of such scams, those who utilize the crypto-currency have adopted certain stances that can prevent such a striking; this has lowered the social specially designed engineering attack success rate. 

Regulatory scrutiny: 

The authorities and regulators in many countries have increased the attention toward cryptocurrency exchanges and platforms. Legal requirements and regulatory policies, and actions to counteract and apprehend the bad actors have mitigated crypto asset-related incidents. 

Blockchain innovations: 

As for the development of blockchain generations based on intelligent contracts technology, new generations of smart contracts have better code than previous ones, at the same time, decentralized governance solutions improve DeFi platforms against potential attacks. 

Notable Breaches of June 2024

1. Btctruk: The story of the highest loss of $100.25 million from Btctruk,  a Centralized finance (CeFi) platform., which indicates the weaknesses of traditional methods of financial integration with cryptocurrencies.

2. Lykke: As for another CeFi platform, Lykke, it also experienced leakage and lost $22 million altogether indicating that the issues with the secure development of the centralized exchanges are still present.

3. UwULend: The decentralized finance (DeFi) protocol, UwULend fell victim to a breach that saw $19.4 million, and also an extra $3. 75 million stolen in arbitrage attacks.

4. Holograph: The DeFi platform Holograph faced an attack that came to $14. 4 million and pointed out the weak links in financial services that utilised smart contracts.

5. Velocore: The DeFi project Velocore had $6.8 million in losses in June as well. 

As the crypto industry continues to grow, participants must remain vigilant in preventing threats, focusing on cybersecurity, and maintaining investor trust in decentralized systems.

Read Also: June Crypto Report: Hacks, Scams Drain Nearly $200 Million!

The Future of Crypto is Secure: Innovation and vigilance are building a stronger foundation for the industry.

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