August Crypto Hacks Surge 67% in One Month...But Damages Halved

▲ Bitcoin (BTC), cryptocurrency hacking, Android/AI generated image

The number of cryptocurrency hacks in August reached its highest point this year.

According to U.Today on September 1 (local time), blockchain security firm PeckShield reported 50 major cryptocurrency hacking incidents in August. This is a 67% increase from 30 incidents in July. The total damage was $136.3 million, a 49.5% decrease from approximately $270 million in July. While the number of hacks surged, the total amount of damage almost halved.

The largest damage occurred at Tectonic.cro, a Cronos (CRO)-based lending protocol. Approximately $74 million was stolen, accounting for more than half of the total damage in August. PeckShield ranked this incident as the fourth largest cryptocurrency hack this year. Before the Cronos network stopped, the attacker moved approximately $6 million to Ethereum (ETH).

With the network shutdown, a significant portion of the remaining stolen funds were locked on Cronos. Subsequently, the attacker began money laundering. PeckShield stated, "The attacker has started to launder the stolen funds and has moved approximately $200,000 to Bitcoin (BTC) so far." Cronos rolled back its network to a point before the attack and then resumed block production.

Following Tectonic, Moonwell suffered the next largest loss, losing $8.7 million. Term Labs lost $8.5 million, Coinsbuy lost $7.9 million, and TAC suffered $7.5 million in damages. Injective lost $4.8 million, MANTRA lost $3.6 million, and BounceBit lost $3 million. Cosmos Labs and Aquifer's damages were $2.87 million and $2.47 million, respectively.

[Key Article Summary]

-In August, cryptocurrency hacks totaled 50 incidents, a 67% increase from July, marking the highest monthly count this year.

-The total damage decreased by 49.5% from the previous month to $136.3 million, but approximately $74 million was stolen from Tectonic alone.

-The Tectonic attacker moved approximately $6 million to Ethereum before the Cronos network stopped, and subsequently began laundering some funds into Bitcoin.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*