Crypto Hacks Reportedly Led to $176 Million in Losses in June

Cryptocurrency coins and hacker silhouette

June 2024—The crypto world witnessed a series of hacking incidents in June, resulting in a net loss of nearly $176.2 million. This marks a significant decrease of 54.2% from May 2024, when hackers made off with approximately $385 million in ill-gotten gains.

Top 5 Hacks:

Btctruk: The largest hack in June, with losses exceeding $100.25 million (Centralized Finance – CeFi).
Lykke: A centralized exchange that suffered a $22 million loss.
UwULend: A decentralized finance (DeFi) lending protocol that lost $19.4 million.

Cryptocurrency coins and hacker silhouette

Despite the decline in net losses from exploits in June, overall losses increased by 115% in the second quarter of 2024 compared to the same period in 2023. Centralized exchanges were the largest contributors to these losses, accounting for 70% of the total.

The crypto industry continues to grapple with security challenges, emphasizing the need for robust measures to protect users and assets.

Finn Wells is a proficient news writer at Crypto Quill, specializing in delivering the latest updates on Bitcoin and altcoins to readers worldwide. With a keen interest in the ever-changing landscape of digital currencies, Finn’s articles provide insightful analysis and up-to-the-minute news on the cryptocurrency market. Known for his meticulous research and commitment to accuracy, Finn brings a fresh perspective to the world of blockchain technology. Stay informed with Finn’s comprehensive coverage of Bitcoin and altcoins, as he continues to illuminate the crypto space with his expertise and dedication at Crypto Quill.

By Finn WellsJuly 2, 2024NewsLeave a Comment

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