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HomeSecurityCrypto Hack Losses Decline 54.2% in June, But Centralized Exchanges Remain Top...

Crypto Hack Losses Decline 54.2% in June, But Centralized Exchanges Remain Top Target

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The crypto space saw a significant decline in losses from hacking incidents in June, with a net loss of nearly $176 million, a 54.2% decrease from May’s losses of $385 million. According to data from PeckShield, a crypto analytics firm, approximately 20 hacking incidents were reported in June, with the biggest hack being the BtcTurk crypto exchange exploit, which resulted in losses of over $100 million.

The second-largest exploit was on centralized exchange Lykke, with losses of $22 million, while the third-largest exploit was on decentralized finance (DeFi) lending protocol UwU Lend, which suffered a loss of $19.4 million.

Centralized exchanges took the top two spots in the rankings for the highest losses in June, followed by three DeFi protocols. May was the biggest month in terms of crypto losses in 2024 so far, with nearly $385 million in net losses from crypto hacks.

Despite the decline in losses in June, losses increased by 115% in the second quarter of 2024 compared with the same period in 2023. Q2 of 2023 saw $220 million in losses, while Q2 of 2024 saw losses of $572 million.

The majority of the quarter’s losses were attributed to centralized exchange hacks, with losses from centralized protocols and exchange exploits amounting to $401 million, or 70% of the total. However, data indicates that only a very small fraction of all attacks against these exchanges were successful, with hackers exploiting centralized platforms only five times this quarter, while decentralized protocols saw a total of 62 successful exploits.

Crypto hack losses. Source: PeckShield

The decline in losses in June is a positive sign for the crypto space, but it is clear that centralized exchanges remain a top target for hackers. As the crypto space continues to evolve, it is essential for exchanges and other platforms to prioritize security and implement robust measures to protect against hacking incidents.

Source: Cointelegraph

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