Crypto hacks down by 54.2% in June, $176M lost in a month

The net loss from cryptocurrency-focused hacks and exploits in June recorded a 54.2% decline compared to May.

Losses from crypto hacks decline in June

According to data from the crypto analytics firm PeckShield, approximately 20 hacking incidents were reported in the crypto space in June, leading to a net loss of nearly $176 million. This represents a significant decrease of 54.2% compared to May 2024, when hackers made off with $385 million.

The BtcTurk crypto exchange exploit was the biggest hack for June, and the hackers got away with over $100 million in crypto assets, according to Peckshield data.

Early estimates from ZachXBT, an onchain sleuth, put the losses at around $55 million. The second largest exploit was Lykke, another centralized exchange with $22 million in losses. The third largest exploit was of DeFi lending protocol UwU Lend, which suffered a $19.4 million loss.

Among the top 5 hacks in June, two centralized exchanges incurred the highest losses, followed by three decentralized finance (DeFi) protocols.

Centralized exchanges largest contributor to exploits this quarter

In 2024, May was the biggest month in terms of crypto losses and suffered nearly $385 million in net losses from crypto hacks. The biggest single loss was from the May 31 private key hack of crypto exchange DMM, which drained $305 million worth of Bitcoin (BTC) from the exchange.

February recorded a net loss of $360 million, while April saw the lowest number of hacks and losses, with $60.19 million.

Related: Memecoin trader loses over $1M following Normie exploit

Despite a notable decrease in net losses from exploits in June, losses increased by 115% in the second quarter of 2024 compared to the same period in 2023. Compared to just $220 million in Q2 of 2023, over $572 million was lost in Q2 this year.

The majority of the quarter’s losses were attributed to centralized exchange hacks. This quarter, losses from centralized protocols and exchange exploits amounted to $401 million, or 70% of the total.

Losses from centralized exchanges have been higher this quarter. However, data indicates that only a very small fraction of all attacks against these exchanges were successful. The hacker exploited centralized platforms only five times this quarter, while decentralized protocols saw a total of 62 successful exploits.

Magazine: Crypto exposes sudden rift among Democrats months ahead of election