The cryptocurrency market took a massive hit in August 2024, losing over $310.94 million to a series of devastating hacks, scams, and exploits, according to the data shared by the on-chain security firm CertiK Alert. This substantial crypto loss in a single month was the second-largest loss so far in 2024, while the biggest $324.7 million crypto theft was noted in May 2024.
Crypto Market Lost $300 Million This Month
Out of this notable loss, the crypto market has recovered only a modest $10.3 million of crypto assets. CertiK Alert noted that due to exploitation, the market saw $308.8 million in crypto theft, while losses from exit scams and flash loans were recorded around at around $0.8 million and $1.2 million, respectively.
Combining all the incidents in August we’ve confirmed ~$300.6m lost to exploits, hacks and scams after ~$10.3m was returned.
The amount is the second highest monthly loss so far in 2024.
Exit scams: ~$0.8m
Flash loans: ~$1.2m
Exploits: ~$308.8m
More… pic.twitter.com/6MLVenZsgj
— CertiK Alert (@CertiKAlert) August 31, 2024
However, the major incidents in August 2024 included a BTC phishing victim where $238 million worth of crypto was compromised, a 0xf28 wallet address that faced a $55 million crypto loss, Ronin Network which lost $11.7 million, Vow which lost over $1.2 million, and many more incidents also recorded in this month.
According to data, the top exploits in August 2024 were in Ronin Network, where the crypto community has lost over $11.7 million, Nexera, where the community lost $448.8k, and Convergence, where the community lost $210k of crypto assets.
Impact of Crypto Losses
These significant hacks and scams in the cryptocurrency landscape have the potential to create fears and may lower the interest of newbie inventors in the market.
With all these hacks, exploits, and scams, the overall crypto market experienced a notable price decline in August 2024. According to Coinmarketvap data, major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE), experienced significant price drops of over 12%, 20%, 26%, and 21%, respectively in the last 30 days.
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