Global Enterprises Lose $318.7M to Crypto Hacks

Security incidents involving crypto hacks resulted in the loss of $318.7 million between June and July 2024.

Crypto theft has exploded in the second half of 2024. Our latest security report details a disturbing trend of increasingly frequent and devastating cyberattacks.

June 13 – UwU Lend

Mere days after a hack that saw the DeFi protocol lose $19 million, UwU_Lend was hit by another smart contract exploit. Several tokens worth ± $1.3 million were drained and converted to $ETH, including $USDT, $FRAX, $LUSD, $USDC, and $DAI.

July 1 – Sports Bet

A cyberattack that targeted the on-chain sports betting platform was reported by popular on-chain sleuth, ZachXBT. This crypto hack resulted in the loss of $3.5 million.

Notably, the pilfered funds were intermingled with stolen crypto from an earlier cyberattack on BTCTurk which saw up to $54 million in liquid crypto assets extracted by threat actors.

July 15 – Minterest

Due to a cyberattack on Minterest, the DeFi platform was paused in order to avert greater losses. However, threat actors managed to steal tokens in $mETH and $ETH, amounting to a total of $1.46 million.

Click here for a detailed post-mortem report of the exploited security vulnerabilities.

July 6 – LiFi Protocol

In a series of unauthorised withdrawals, LiFi Protocol’s smart contracts were drained of crypto assets. Altogether, the losses suffered by users of the DeFi platform reached up to $8 million.

Click here for a detailed post-mortem report of the security incident.

July 18 – WazirX India

One of the biggest crypto hacks of the year occurred in July. WazirX India suffered a breach of its multi-sig wallet, leading to the theft of ±$235 million. There is a 10% bounty (amounting to $23 million) for recovering the stolen assets.

Click here for an incident report detailing the nature and scope of the cyberattack.

July 19 – Rho Markets

The Scroll network was temporarily halted to address an oracle access control exploit that affected Rho Markets. Losses from this hack reached a total of $20 million.

However, the exploiter was a white-hat hacker who broadcasted an on-chain message with terms for returning the funds, which have since been repaid.

Click here for a detailed post-mortem report of the security incident.

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