Surge in Crypto Hacks Despite Bearish Market

While the bearish market was loitering, and all the time the crypto domain had seen a large number of them in June. Information from PeckShield says that hackers took from crypto platforms $176.2 million in June, which is a 54.2% drop from May’s $574.6 million. Income decreased to above 50%, but the system continues to be in losses.

Decrease in Hacks from May to June

April’s $176.2 million is minuscule compared to the $564.6 million snatched in May. This drastic decline showed how incredibly volatile the crypto-platform hacking threat environment could be. In January this year, only 60.19 million dollars in hacks has been registered.

Total Losses in 2024 Exceed $1.5 Billion

The blockchain security company alone reported that the sum of money crypto startups had lost to them has grown to a level that touches the barrier $1.5 billion. This substantially high figure has served as an example underlining the unwanted weak point Cyber threat in the cryptocurrency.

Largest Hacks in June: BtcTurk and Lykke

It has been recognized that the biggest demarche that took place during June took away the Turkish trading place BtcTurk by a sum equal to $100.25 million. A June report stated that the company had its hot wallets compromised and that let the intruders who took at least 10 cryptocurrencies.

Also, the second-largest hack that happened last month happened in Britain, specifically in the digital money exchange Lykke which them received a sum of $22 million. These dangerous security vulnerabilities make it indispensable to ramp up the security standards across the crypto exchange sites.

Other Notable Hacks in June

As well as BtcTurk and Lykke, there were several other losses. Together with UwU Lend, and Holograph, who ended up in the top five, Velocore was the next victim of hackers, with $19.4 million, $14.4 million, and $6.8 million each month lost in June, respectively.

Q2 Losses and Historical Data

According to a study by Immunefi, the cryptocurrency market has been a loser to theft and deception, which sums up a total amount of $572.7 million stolen in the second quarter of the year. Out of the seventy-two cheating cases that transpired in the last three months, we are already in the second quarter. Crystal Intelligence’s findings on the crypto industry show that nearly $20 billion were feared to be lost by hacks and scams between 2011 and March 2024. The total number of the breaches has been recorded 785.