Ethereum

Million

when

Tornado Cash

WazirX

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/hackers-steal-266-million-in-july" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hackers Steal $266 Million in July</a><br></p>
<p style="text-align: justify">In July, cybercriminals made off with approximately $266 million from the cryptocurrency ecosystem across 16 distinct attacks. The most significant heist occurred on July 18, when Indian crypto exchange WazirX suffered a loss exceeding $230 million, representing 86.4% of the total crypto stolen that month. Investigations have pointed to North Korean hackers as the culprits, based on the techniques and processes used in the attack.</p>
<h2 id="what-happened-in-july">What Happened in July?</h2>
<p style="text-align: justify">Blockchain security firm PeckShield reported that the hackers still controlled the 61,154 Ethereum stolen from WazirX as of August 1. Other major victims included Compound Finance, which lost $24 million, and Li.Fi protocol, which suffered a $10 million loss. Additionally, Bittensor and Rho Markets each faced losses of $8 million.</p>
<p style="text-align: justify">In most instances, the stolen funds were funneled through the crypto mixer Tornado Cash to evade detection. In comparison, June saw a lower total loss of $176 million, spread over around 20 incidents, highlighting an alarming spike in July.</p>
<h2 id="details-on-the-issue">Details on the Issue</h2>
<p style="text-align: justify">At the end of July, the Terra ecosystem experienced a $6 million loss due to a hacking incident. The <a href="https://newslinker.co/what-are-the-5-types-of-cyber-security/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">hacker exploited</a> a known vulnerability, stealing significant amounts of ASTRO (ASTRO), USD, USD Coin, and <a href="https://en.bitcoinhaber.net/bitcoins-potential-surge-jmp-securities-forecasts-a-drastic-rise-in-value" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>. Terra developers quickly implemented an emergency chain upgrade to prevent further damage.</p>
<h2 id="key-takeaways-for-users">Key Takeaways for Users</h2>
<p style="text-align: justify">– Secure assets by using hardware wallets.</p>
<p style="text-align: justify">– Regularly update and patch software to fix vulnerabilities.</p>
<p style="text-align: justify">– Employ multi-factor authentication for enhanced security.</p>
<p style="text-align: justify">– Stay informed about the latest security threats and best practices.</p>
<p style="text-align: justify">According to Deddy Lavid, CEO of Web3 security firm Cyvers, centralized finance institutions will become prime targets for crypto hackers in 2024. Lavid also noted that attacks on smart contract-based projects are on the rise, with vulnerabilities arising from both code and human error.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/hackers-steal-266-million-in-july" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hackers Steal $266 Million in July</a></h5>

Hackers Steal $266 Million in July

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