$16M in crypto lost to hacks in August: Report
According to an Aug. 31 report by blockchain security company Immunfi, a combined $23.4 million in crypto was lost to a combination of hacks and fraud, a substantial decline compared with the $320.5 million lost in July. Leading losses include the Exactly procedure hack on Aug. 18, when 4,323.6 Ether (ETH) ($ 7.2 million) in users deposits was taken via a harmful deposit contract.Meanwhile, on Aug. 25, Magnate Finance, a loaning and lending procedure released on Base, allegedly orchestrated a $6.5 million exit fraud, with prominent DeFi sleuth zachXBT claimed the Magnate Finance deployer address was connected to the scam. In March, DeFi protocol Euler Finance lost $195 million in a harmful flash loan attack.
Thank you for reading this post, don't forget to subscribe!
Related Content
- AI has potential to send Bitcoin price over $750K — Arthur Hayes
- Bitcoin traders hope to ‘buy the dip’ as BTC price heads toward $30K
- BTC price targets $27K as Bitcoin bulls shrug at PPI inflation surprise
- Bitcoin price cracks $30K, possibly clearing a path for SOL, LINK, AAVE and STX
- Primordial NFT? Someone tried to sell a JPEG for BTC months before Bitcoin Pizza Day