A number of serious attacks hit the cryptocurrency business in July 2024, causing losses of around $266 million. PeckShield, a blockchain research company, says that decentralized protocols were heavily targeted, and losses rose from $176 million in June to $511 million.
One of India’s major cryptocurrency platforms, WazirX, lost $230 million in a sophisticated attack that was blamed on North Korean hackers. This was the most significant breach. This stopped the effects and made WazirX start a program to help people get better.
Crypto Hacks Hit Compound
An attack on Compound Finance, a decentralized lending system, was made by a group known as the “Golden Boys.” They agreed to a plan that sent 499,000 COMP tokens, worth $24 million, to their vault.
LI.FI is a cross-chain liquidity aggregation system that was hacked on July 16 and lost $9.73 million. Bittensor, a decentralized machine learning network, lost $8 million on July 3 because someone broke into its method for staking.
A lending system called Rho Markets had a $7.6 million breach, but the attackers tried to return the money by saying it wasn’t a hack. Terra blockchain system lost $6.8 million on July 31 because of a flaw called “reentrancy.”
There was a flash-loan attack on July 12 that cost Dough Finance $1.8 million in Ethereum and USD Coin. A site for lending and borrowing funds called Minterest lost $1.4 million because of changes in exchange rates.
MonoSwap, a decentralized staking platform, said it lost $1.3 million because of an attack on staked cash. Delta Prime, another decentralized banking platform, had a $1 million hack. Of the funds that was stolen, $900,000 was later found and returned.
