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• August 2024 saw over 10 major crypto hacks, resulting in $313.86 million stolen, with two phishing attacks accounting for 93.5% of losses.
• In 2024, $1.21 billion in digital assets lost to hacks and rug pulls by August, including a $234.9 million attack on India’s WazirX exchange in July.
• Ethical hackers formed an elite “SEAL” team to combat rising crypto-threats, led by renowned white-hat hacker Samczsun.

In August 2024, the cryptocurrency sector was hit by over 10 significant hacks, resulting in approximately $313.86 million in losses, according to PeckShield.

The two largest incidents, both involving phishing attacks and unauthorized transfers, accounted for a staggering 93.5% of the total stolen funds, totaling $293.4 million.

The top five hacks of the month included a $238 million Bitcoin phishing scam, a $55.4 million phishing attack involving DAI, a $12 million breach on Ronin (which was later returned), a $5.1 million unauthorized transfer, and a $1.83 million hack targeting Nexera.

Cyberattacks in the cryptocurrency industry remain a significant concern, with $1.21 billion in digital assets lost to hacks and rug pulls as of August 2024, according to an Immunefi report released on August 29. 

ALSO READ: Crypto Crime Dips in 2024, But CEX Face Rising Thefts and Ransomware: Report

Furthermore, among the most notable incidents was a July attack on India’s WazirX crypto exchange, which resulted in a loss of $234.9 million from one of its multisig wallets. WazirX is now implementing a phased plan to restore its financial operations, including pursuing legal proceedings in Singapore.

Additionally, to tackle the escalating threat of cryptocurrency hacks, a team of ethical hackers has formed an elite “SEAL” team to bolster defenses and prevent breaches more severe than those in 2023. The SEAL (Security Alliance) team, led by renowned white hat hacker and Paradigm researcher Samczsun, has received over 900 hack-related tickets since its launch in August 2023. 

During his keynote at the Web3 Summit in Berlin, Samczsun announced that the initiative aims to create a battleground where white hat hackers and emerging protocols can collaborate to make systems more resilient to cyberattacks.