Crypto Hacks Surge in July 2024, PeckShield Reports $266M in Losses

Crypto-related hacks continue to plague the ecosystem. In July 2024, PeckShield reported a significant surge in such security breaches. The blockchain investigation firm found that 16 incidents resulted in approximately $266 million in losses during the period. The most severe breach was the Indian centralized crypto exchange WazirX, which suffered a staggering $230 million loss. In response, WazirX halted operations and offered a $23 million bounty to encourage the attackers to return the stolen assets. The exchange also suggested a “socialized loss strategy” to distribute the financial impact fairly among all users.

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