Cryptocurrency Hacks Surge in July 2024, Losses Reach $266 Million

In July 2024, the cryptocurrency sector faced a series of significant attacks, resulting in losses amounting to approximately $266 million.

Blockchain research firm PeckShield reported on August 1 that attacks against decentralized protocols in July surged to $266 million, a 51% increase compared to the $176 million in June.

July 2024 witnessed 16 hacks in the crypto space, resulting in ~$266 million in losses.

Among the top 10 hacks, the most significant breach involved WazirX, one of India’s largest cryptocurrency exchanges, which lost $230 million in a sophisticated attack. This incident disrupted operations and led to a pause in withdrawals. In response, WazirX initiated a recovery program to reclaim the lost funds.

Another notable incident involved Compound Finance, a decentralized lending protocol, which experienced a governance attack. A group called the “Golden Boys” pushed through a proposal that allocated 499,000 COMP tokens — valued at $24 million — to a vault under their control.

The cross-chain liquidity aggregation protocol LI.FI was also hacked on July 16, resulting in losses of $9.73 million. Additionally, Bittensor, a decentralized machine learning network, suffered an $8 million loss on July 3 due to an attack targeting its staking mechanism.

Rho Markets, a lending protocol, experienced a $7.6 million breach. Interestingly, the exploiters sought to return the stolen funds, claiming the incident was not a hack.

On July 31, reports confirmed that the Terra blockchain protocol witnessed a hack leading to a $6.8 million loss across multiple cryptocurrencies. This attack exploited a reentrancy vulnerability identified a few months prior.

Dough Finance, a liquidity protocol, lost $1.8 million in Ethereum and USD Coin to a flash-loan attack on July 12. Similarly, Minterest, a lending and borrowing protocol, saw a $1.4 million loss due to manipulation of the exchange rate on one of its markets.

Decentralized staking platform MonoSwap reported a $1.3 million loss from an attack that allowed perpetrators to withdraw staked liquidity from the protocol. Finally, Delta Prime, another decentralized finance platform, suffered a $1 million breach, though $900,000 of the stolen funds were later recovered.

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