June Sees Surge in Crypto Hacks Despite Bearish Market

The cryptocurrency ecosystem experienced a notable surge in hacking incidents in June, even as the market continued to languish in a bearish phase.

According to data from blockchain security firm PeckShield, hackers made off with $176.2 million from various crypto platforms in June. This figure, though alarming, marks a significant 54.2% decrease from the $574.6 million stolen in May.

Interestingly, April saw the least amount of hacking activity this year, with losses amounting to $60.19 million. As detailed in a post on PeckShield’s X (formerly Twitter) account, the total amount of cryptocurrency lost to hackers in 2024 has now surpassed $1.5 billion.

The most significant breach of June was suffered by Turkish crypto trading platform BtcTurk, which lost $100.25 million when its hot wallets were compromised. According to a report by crypto.news on June 22, the attackers managed to breach at least 10 different cryptocurrencies.

The second-largest hack occurred at the British crypto exchange Lykke, where hackers stole over $22 million.

Other significant breaches in June included UwU Lend, Holograph, and Velocore, which lost $19.4 million, $14.4 million, and $6.8 million, respectively.

A report from Immunefi highlighted that the cryptocurrency ecosystem lost $572.7 million to hacks and scams in the second quarter of this year alone, with 72 fraudulent incidents recorded over the past three months.

Data from Crystal Intelligence reveals that the crypto industry has lost nearly $20 billion to hacks and scams from 2011 to March 2024, with the total number of breaches reaching 785.

The rise in hacking incidents underscores the ongoing security challenges within the crypto space, emphasizing the need for heightened security measures and vigilance.

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