$16M in crypto lost to hacks in August: Report


A complete of $15.8 million in cryptocurrencies was lost to hacks or exploits in the month of August. 

According to an Aug. 31 report by blockchain safety agency Immunfi, a mixed $23.4 million in crypto was lost to a mixture of hacks and fraud, a major lower in contrast with the $320.5 million lost in July. All exploits consisted of assaults in opposition to decentralized finance (DeFi) protocols, and never a single incident affected centralized finance entities. 

Of the 21 safety incidents reported, 5 befell on the Ethereum blockchain, whereas 4 occurred on BNB Chain. Coinbase’s extremely anticipated layer-2 answer, Base, witnessed 4 safety exploits shortly after its launch on Aug. 9.

Top losses embrace the Exactly protocol hack on Aug. 18, when 4,323.6 Ether (ETH) ($7.2 million) in customers’ deposits was stolen by way of a malicious deposit contract.

Meanwhile, on Aug. 25, Magnate Finance, a borrowing and lending protocol deployed on Base, allegedly orchestrated a $6.5 million exit rip-off, with outstanding DeFi sleuth zachXBT claimed the Magnate Finance deployer tackle was linked to the scam. All property have since been faraway from the protocol’s good contract, with its web site and socials additionally offline. 

Year-to-date, customers have lost $1.25 billion in crypto due to hacks and fraudulent actions, in accordance to Immunefi. In March, DeFi protocol Euler Finance lost $195 million in a malicious flash mortgage assault. Less than one month later, the Euler hacker returned over 90% of customers’ property after builders threatened them with authorized motion. 

DeFi August 2023 safety incident report. Source: Immunefi

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