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<p><strong>On-chain security platform PeckShieldAlert compiled data on the crypto hacks reported in July. There were 16 hacks during the month, which resulted in the loss of over $266 million worth of crypto. A significant portion of the reported loss came in a single hack, when WazirX, the India-based crypto exchange lost $230 million.</strong></p>
<p>According to the data shared by PeckShieldAlert in its recent tweet, the $266 million in losses does not include the Compound Finance potential governance attack. Crypto sleuth <a href="https://t.me/investigations/140" target="_blank" rel="noopener noreferrer nofollow">ZachXBT</a> had earlier warned that the Compound Finance website was compromised.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#PeckShieldAlert</a> July 2024 witnessed 16 hacks in the crypto space, resulting in ~$266 million (w/o Compound Potential Governance Attack)) in losses.</p>
 <p>Top 10 Hacks:<a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#WazirX</a>: $230 million (CeFi)<a href="https://twitter.com/hashtag/Compound?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Compound</a>: $24 million (Potential Governance Attack)<a href="https://twitter.com/hashtag/LI?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#LI</a>.FI: $9.73 million<a href="https://twitter.com/hashtag/Bittensor?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Bittensor</a>:… <a href="https://t.co/jsmP9qLuqR" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/jsmP9qLuqR</a></p>
 <p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1818853720861618634?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">August 1, 2024</a></p>
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<h3 id="span-style-font-weight-400-wazirx-was-the-biggest-casualty-in-july-span"><span style="font-weight: 400;">WazirX was the biggest casualty in July&nbsp;</span></h3>
<p>According to the PeckShieldAlert data, the WazirX hack accounted for 86% of the total stolen funds in July. The report also mentions that the 61,154 ETH stolen from the exchange has not been moved.</p>
<p>Following the hack, WazirX and its co-founder, Nischal Shetty, have been looking for an agreeable solution to mitigate the issue. Nischal earlier announced a total bounty of $23 million to help recover the lost assets.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">The total bounty has been updated to $23M thanks <a href="https://twitter.com/zachxbt?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">@zachxbt</a> for the suggestion 🙏 <a href="https://t.co/qzaqwAuLod" rel="noopener noreferrer nofollow" target="_blank">https://t.co/qzaqwAuLod</a></p>
 <p>— Nischal (Shardeum) 🔼 (@NischalShetty) <a href="https://twitter.com/NischalShetty/status/1814998149347369069?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 21, 2024</a></p>
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<p>Some of the other notable hacks that occurred in July include LI.Fi, Bittensor, Rho Markets, Terra, Dough Finance, Minterest, MonoSwap and DeltaPrime. Each of these firms witnessed losses ranging from a million to $9.73 million.</p>
<h3 id="span-style-font-weight-400-crypto-hacks-on-the-rise-in-q2-2024-span"><span style="font-weight: 400;">Crypto hacks on the rise in Q2 2024</span></h3>
<p>In a separate <a href="https://immunefi.com/research/" target="_blank" rel="noopener noreferrer nofollow">report</a>, bug bounty platform Immunefi shared details of the scale of the hacks that occurred in Q2 2024. According to the report, crypto protocols lost over $572 million in Q2 alone. $564 million was lost in hacks, while $8.4 million to fraud and scams.</p>
<p>Immunefi highlighted a total of 53 hacks and 19 fraud incidents in Q2. DMM Bitcoin and BtcTurk accounted for the majority of the losses.&nbsp;DMM Bitcoin lost $305 million, and BtcTurk lost $55 million in the hacks. In comparison to Q2 2023, there was a 112% spike in total loss in Q2 2024.</p>
<p>Once again, CeFi platforms remained the primary target, with 70% of exploits hitting platforms like DMM Bitcoin, BtcTurk, and Hedgey. On the other hand, DeFi platforms accounted for 30% of the losses, with platforms like Sonne Finance and Velocore hit during Q2 2024.</p>
<p>Ethereum remained the most targeted chain in Q2 2024, with 34 incidents. Second on the list is BNB Chain, with 18 reported cases.</p>

16 crypto hacks caused $266M in losses in July

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