Crypto Loses Over $313 Million in August Hacks, Raising Security Concerns
Cryptocurrncy invstors r fcing growing thrt s hckrs continu to xploit vulnrbilitis in th digitl sst cosystm. A rcnt rport by blockchin scurity firm PckShild rvld concrning trnd ovr $313 million in digitl ssts wr stoln through mor thn 10 cybrttcks in August lon. This surg in hcking ctivity hs cst shdow ovr th futur of cryptocurrncy nd risd srious qustions bout its ovrll scurity.
PckShilds rport idntifid phishing ttcks s th primry wpon of choic for cybrcriminls. Ths dcptiv scms, which trick victims into surrndring thir login crdntils or privt kys, ccountd for stggring 93.5% of ll stoln crypto funds in August, mounting to loss of $293.4 million. Two of th most significnt phishing ttcks trgtd mssiv sums on drining $238 million worth of Bitcoin (BTC) nd nothr stling $55.4 million in Di (DAI).
Whil phishing ws th dominnt thrt, August lso witnssd othr notworthy hcking incidnts. Th Ronin Ntwork, blockchin pltform populr for th Axi Infinity ply-to-rn gm, suffrd scurity brch tht rsultd in $5.1 million unuthorizd crypto trnsction but ltr rcovrd $12 million. Mnwhil, Nxr, dcntrlizd finnc protocol, lost $1.83 million du to smrt contrct xploit.
Rising Crypto Losses Demand Vigilance
A rport from Immunfi, bug bounty pltform focusd on blockchin scurity, rvld tht totl losss du to hcks nd rug pulls hv rchd $1.21 billion s of August 2024. This rprsnts significnt incrs of 15.5% comprd to th sm priod in 2023,whr losss stood t just ovr $1 billion.
Mitchll Amdor, CEO nd foundr of Immunfi, highlights th ongoing scurity thrt: Its difficult to mk prdictions, but th cosystm is lwys t risk of on svr nd succssful xploit tht could significntly incrs ths numbrs. W must rmin vigilnt t ll tims to mitigt such risks.
To combt this growing thrt, thicl hckrs hv formd spcilizd unit clld th Scurity Allinc (SEAL) to strngthn dfnss nd prvnt brchs. Ld by whit ht hckr nd Prdigm rsrchr Smczsun, SEAL hs ddrssd ovr 900 hcking-rltd tickts sinc its lunch in August 2023.
Th rcnt surg in hcking ctivity srvs s wk-up cll for th cryptocurrncy industry. Implmnting robust scurity msurs, ducting usrs bout phishing scms, nd ctivly collborting with thicl hckrs r ssntil stps to nsur th long-trm sustinbility nd scurity of this rpidly volving cosystm.
Related Readings | Vitalik Buterin Denies Ethereum Dumping Allegations, Cites Support for Crypto Projects
Read more: https://www.tronweekly.com/crypto-loses-over-313-million-in-august/
Text source: TronWeekly
