$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.