Security Breaches Hit Crypto Hard: $313 Million Stolen in August, Phishing Emerges as Top Threat

The cryptocurrency industry was hit hard by a spate of cyberattacks, leading to significant financial losses last month.

A recent report from PeckShieldAlert revealed that over ten major hacks occurred during the month, resulting in approximately $313.86 million in stolen funds. Approximately 93.5% of the total theft came from two large-scale phishing attacks, which together accounted for $293.4 million.

The trend shows that phishing attacks were the most prominent threat in August, highlighting the ongoing vulnerability of the crypto space to deceptive practices. The first and largest phishing incident saw the theft of $238 million in Bitcoin (BTC). This was followed by the second major phishing attack involving the theft of $55.4 million in DAI, a popular stablecoin, further underscoring the severity of the threat.

Other significant incidents also contributed to the total losses apart from phishing. The Ronin Network, a popular blockchain, experienced a hack resulting in a loss of $12 million. The stolen funds were subsequently returned, however, offering a glimmer of hope amid the extensive damage.

PeckShieldAlert’s post also includes a transfer of $5.1 million from an unspecified platform, which added to the month’s grim tally, reflecting ongoing security challenges within the industry. Additionally, Nexera, a platform that offers DeFi solutions, reported a loss of $1.83 million due to a separate security breach.

Blockchain experts and social media influencers flagged this existing issue on social platform X. Crypto and DeFi researcher CABANA (@0xCabana) expressed his concerns about the existing hacks. He blamed phishing attacks to be the main culprit behind these hacks. “Phishing attacks remain the primary offender, snatching 93.5% of the stolen funds. Just two major phishing incidents alone drained a combined $293.4 million from unsuspecting victims,” he said.

The researcher expressed his concerns about this space and asked whether the crypto space will ever be able to overcome these challenges.

Web3 incubator IBC Group Official (@ibcgroupio) also highlighted its concerns, identifying Bitcoin and DAI to be the most targeted ones among the clan.

“This is a wake-up call for everyone in the space—security needs to be a priority, especially if you’re building the next big thing,” IBC Group said on X.

Recently, Indian crypto exchange WazirX faced a security breach, resulting in a loss of more than $230 million. It also faced legal action from its rival CoinSwitch last month.

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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