Recap of Hacking Incident in July 2024, Losses Reach $266 Million!

Bittime - According to a report from blockchain security company PeckShield, there were 16 hacking incidents that occurred during July, with total losses reaching around $266 million.  

Biggest Hacking Incidents in July

Source: Twitter.com/PeckShieldAlert 

In the list of 10 hacking incidents with the biggest losses, hacking against WazirX took the top spot with losses reaching $230 million. Hacking against one of India's largest CEXs accounted for nearly 86% of the total losses recorded during the month of July 2024.  

Apart from WazirX, there was also an incident on the Compound platform which contributed to a loss of $24 million. This attack allegedly involved governance mechanisms, which could be a warning signal for other decentralized platforms to further strengthen governance protocols.

Hacking Incident on Other Platforms

Apart from the two major hacks above, there were several other hacking incidents that also caused significant losses.

1. LI.FI, losses totaled $9.73 million.
2. Bittensor, loss of $8 million.
3. RhoMarkets, the loss reached $7.6 million, but the lost funds were recovered.
4. Terra, lost approx $4 million.
5. DoughFinance, loss of $1.86 million.
6. Minterest, loss of $1.4 million.
7. MonoSwap, loss approx $1.3 million.
8. Delta Prime, losses totaled $1 million, but managed to recover $900,000 of lost funds.

Although some platforms such as RhoMarkets and Delta Prime managed to recover some of their funds, these incidents still represent significant risks for blockchain and DeFi platforms.

Impact of Hacking in July

This series of hacks that occurred in July 2024 is a reminder of the importance of security in the crypto world. Such huge losses not only harm the hacked company or platform, but also undermine investor and user confidence in the security of the crypto ecosystem as a whole.

Security in the crypto world has always been a crucial topic, especially with the development of technology and the emergence of various new platforms. Although many platforms have improved security protocols, hacking incidents like this show that there are still loopholes that can be exploited by irresponsible parties.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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