There was a major decline in crypto hacks in June, with losses totaling $176 million, according to recent PeckShield data. June numbers mark a 54.2% drop from the staggering $385 million thieves stole in May.

PeckShield revealed that over 20 security breaches occurred in June.

Crypto Hacks Slow Down in June, A Rare Bright Spot

The largest hack in June targeted the BtcTurk crypto exchange, with hackers stealing over $100 million in crypto assets. Following closely was the UK centralized exchange Lykke, which suffered a $22 million loss.

The decentralized finance (DeFi) sector also suffered, with lending protocol UwU hacked for $19.4 million, ranking as the third-largest exploit of the month.

#PeckShieldAlert June 2024 witnessed 20+ hacks in the crypto space, resulting in ~$176.2 million in losses. This marks a decrease of 54.2% from May 2024 (w/ ~$385m in hackers' profits).#Top 5 Hacks:#Btctruk: $100.25 million (CeFi)#Lykke: $22 million (CeFi)#UwULend: $19.4… pic.twitter.com/83XzWf82kw

— PeckShieldAlert (@PeckShieldAlert) July 1, 2024

In contrast, May recorded about $385 million in losses, the highest so far in 2024. The Japan-based DMM crypto exchange hack resulted in a $305 million theft, the biggest case in May.

The predominant attack vectors included flash loan exploits, exit scams, and other technical vulnerabilities.

Despite these setbacks, blockchain security experts recovered approximately $96.2 million, offering some reassurance to the crypto community.

2024 Crypto Hack Trends vs. 2023

Crypto hacks continue to besiege the industry as the incidents seem to wax stronger, with more funds being lost to scammers.

According to research from blockchain security platform Immunefi, Q2 2024 saw a staggering $572 million in losses from crypto scams, more than doubling the $220 million lost in the same period of 2023.

Centralized exchanges were the primary targets, accounting for most losses. The DMM Bitcoin and BtcTurk hacks accounted for over 62% of the quarter’s total losses.

As previously reported by CryptoNews, CeFi suffered $401M in losses in Q2 this year, an insane 984% increase compared to the same period in 2023.

While DeFi protocols saw a higher frequency of incidents, losses were lower at $171 million, down 25% from Q2 2023.

The Ethereum and BNB Smart Chain networks were prime targets, accounting for 71% of total losses. A new trend saw Ethereum layer 2 solutions gaining unwanted attention from malicious actors, however.

Arbitrum, in particular, became the third most targeted network, suffering four incidents and 5.5% of total losses.

Despite the grim outlook, there were some small victories, as some of the stolen funds were recovered. Protocols such as Gala Games, Alex Labs, Bloom, and Yolo Games managed to reclaim most of their lost assets.

These recoveries, while encouraging, represented only about 5% of the total losses for the quarter.

The post Crypto Hacks Cost $176 Million in June, a 54% Drop from May appeared first on Cryptonews.

Over the weekend, a crypto trader turned 70 SOL into $3 million with a Solana-based token. However, the investor’s success story was overshadowed by the controversial launch of the memecoin that made it possible.

Trader Makes $3 Million In Minutes

A crypto trader made millions in 30 minutes after investing $9,923 in Solana-based memecoin BAKED. Lookonchain reported that a sniper spent 70 SOL to buy 81.78 million BAKED. 30 minutes later, the trader sold his holdings for 21,581 SOL, worth around $3.06 million, in 76 transactions.

The feat was achieved by a seemingly “lucky” trader who previously invested and lost money in other Solana memecoins. The on-chain analysis platform concluded that the investor was likely not an insider as it had bought the tokens from Raydium’s pool instead of the Degen Fund.

However, Lookonchain revealed that BAKED’s team and insiders hold over 70% of the supply. Per the report, the dev wallet spent 11.82 SOL to buy 300.72 million BAKED from the Degen Fund, where the token was launched.

The wallet bought the Solana memecoin “while minting tokens and 206.9M $BAKED was added to liquidity.” 19 wallets snatched up the remaining 492.37 million tokens in one second.

These wallets were created simultaneously with the dev wallet and were funded by Bitget. 15 out of 19 wallets withdrew SOL from Bitget three days ago and are suspected to be linked to BAKED’s team and insiders.

As a result, 78% of the supply, worth around $15.6 million, was held by insider and dev-related wallets. The wallets spent 82.4 SOL, around $11,700, to buy 779.85 million BAKED before selling.

At the time of Lookonchain’s report, the insiders had sold a small portion of their tokens and still held 76.36% of the supply. BAKED has plummeted by 58% in the last 24 hours, currently trading for $0.01260.

Is The New Solana Token Launch Baked Or Burned?

Crypto investors refuted the claims that the “lucky” sniper was not an insider and expressed discontent with the Solana memecoin launch. Additionally, users have called the BAKED token a scam due to an alleged lack of transparency.

GUMMY investors were supposed to earn a 15% reward on BAKED tokens for staking their tokens on July 1. However, users reported they did not receive any reward after unstaking their holdings.

According to Web3 Forensics, users successfully unstaked their GUMMY tokens but no investor had been able to get BAKED rewards by Monday morning. One investor considers the project’s team “held our $GUMMY hostage so we couldn’t profit off of the $BAKED launch.”

Moreover, many users highlighted that GUMMY’s value has significantly decreased since they staked their holdings. Per the reports, every $1,000 staked in the token is now worth around $140.

Many believe that the team behind the Solana-based tokens, including Crypto Banter’s founder Ran Neuner, used “every single investor or Community Member who trusted you.”

On the official telegram group chat for the token, the team asked investors to “calm down” and “relax.” The team assured the project was not a scam and explained that none of them “got an early entry.”

Moreover, the message stated that a higher price for the token meant a “better valuation for your gummy airdrop” and that the airdrop details would be announced soon.

Ultimately, the launch didn’t receive a positive response. Several users stated they would “get away” from the GUMMY, BAKED, and Crypto Banter community as quickly as possible.