$16M in crypto lost to hacks in August — Report

A total of $15.8 million in cryptocurrencies were lost to hacks or exploits in the month of August.According to an Aug. 31 report by blockchain security company Immunfi, a combined $23.4 million in crypto was lost to a mix of hacks and fraud, a considerable reduction compared to the $320.5 million lost in July. All exploits included attacks versus decentralized financing (DeFi) procedures, and not a single event affected centralized finance entities. Of the 21 security occurrences reported, five took place on the Ethereum blockchain, while four happened on BNB Chain. Coinbases extremely expected layer-2 service, Base, experienced 4 security exploits quickly after its launch on Aug. 9. Top losses consist of the Exactly Protocol hack on Aug. 18, where 4,323.6 Ether (ETH) ($ 7.2 million) in users deposits were taken through a harmful deposit contract. On Aug. 25, Magnate Finance, a borrowing and loaning protocol deployed on Base, managed an alleged $6.5 million exit rip-off after popular DeFi sleuth zachXBT declared the Magnate Finance deployer address was connected to the exit scam. All properties have actually given that been gotten rid of from the protocols clever contract, with its site and socials also offline. Year-to-date, users have actually lost $1.25 billion in crypto due to hacks and fraudulent activities, according to Immunefi information. In March, DeFi procedure Euler Finance lost $195 million in a harmful flash loan attack. Less than one month later on, the Euler hacker returned over 90% of users possessions after developers threatened them with legal action. DeFi August 2023 security incident report