$266M Lost To Crypto Hacks In July 2024

Crypto Hacks Surge in July 2024

In July 2024, the cryptocurrency world faced a significant challenge as PeckShield, a blockchain security firm, reported a surge in crypto-related hacks. A total of 16 incidents resulted in approximately $266 million in losses. This alarming trend has raised concerns about the security of digital assets and the measures needed to protect them.

Major Incident: WazirX Hack

The most significant hack occurred at the Indian crypto exchange WazirX, which suffered a loss of $230 million. This incident was primarily attributed to the notorious North Korea-backed Lazarus Group. In response to the hack, WazirX halted its operations and offered a $23 million bounty for the return of the stolen assets. Additionally, the exchange proposed a socialized loss strategy to mitigate the impact on its users.

Other Significant Breaches

Besides WazirX, several other platforms experienced breaches, including Compound, LI.FI, Bittensor, RhoMarkets, and DeltaPrime. The losses from these incidents ranged from $1 million to $24 million. These breaches highlight the vulnerabilities present in various crypto platforms and the need for enhanced security measures.

Common Tactics Used by Hackers

Most of the hackers involved in these incidents used Tornado Cash, a privacy tool, to launder the stolen funds. This method makes it challenging to trace the origins of the stolen assets, complicating efforts to recover them. The use of such tools underscores the sophistication of modern cybercriminals and the evolving tactics they employ.