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Cryptocurrency hackers in June didn’t run off with funds from exploits as much as they did in the previous month, a blockchain security firm said.

The amount of funds crypto projects lost to hackers last month declined by approximately 69.33% to a total of $176.2 million, said PeckShield, a blockchain security firm, on July 1. In May, virtual asset exploits resulted in $574.6 million in losses, with offenders profiting $385 million.

According to the blockchain security firm, the exploit of the Turkish crypto exchange BtcTurk was the biggest in terms of the amount lost, where hackers stole $100.25 million.

Exchange Lykke, which lost $22 million to an exploit, decentralized lending protocol UwU Lend ($19.4 million without the $3.75 million in arbitrage), tokenization platform Holograph ($14.4 million), and decentralized exchange Velocore ($6.8 million) also made it into PeckShield’s list of top June hacks.

Crypto hacks in 2024

Security breaches due to vulnerabilities remain rampant in the fintech industry, and the digital asset space is no exception. In the second quarter of the year, crypto losses from hacks and scams increased by about 70% from the previous quarter, data from Immunefi shows. From Q1’s $336.3 million in lost funds, more than $572 million was lost in Q2. This figure is more than double in the same period in 2023.

In its report, Immuneifi said losses from hacks increased by 155% while losses from fraud decreased by 81% in Q2 2024 compared to the same period in the previous year.

“This quarter highlights how infrastructure compromises can be the most devastating hacks in crypto, as a single compromise can lead to millions in damages,” Immunefi CEO Mitchell Amador said in the report.

He further highlighted the significant impact of hacks on centralized finance (CeFi) infrastructure during the quarter, emphasizing the need for comprehensive security measures across the entire ecosystem.

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