Crypto Hacks and Exploits In Q2 2024: Over $675M In Losses

Q2 2024 witnessed some of the most significant crypto hacks and exploits, resulting in over $675 million in losses. A total of 15 major incidents were recorded, highlighting the persistent vulnerabilities within the crypto space.

Among the targets were four crypto exchanges, one individual whale investor, and nine projects. The staggering total loss of $710 million underscores the scale and impact of these breaches.

Breaking down the losses by classification, crypto exchanges (CEXs) suffered the most, with a combined loss of $432 million. Various projects were also heavily targeted, resulting in $206 million in losses. Individual entities faced $70 million in losses, while companies experienced relatively minor losses, totaling $2 million.

Watch These Top Five Attack Methods Used By Hackers

The top five attack methods employed by hackers in Q2 2024 included contract vulnerabilities, rug pulls, unknown methods, Twitter hacks, and flash loan attacks. These methods demonstrate the diverse strategies hackers use to exploit weaknesses in the crypto ecosystem.

Contract vulnerabilities were the most common attack method, exploiting weaknesses in the code of smart contracts. Rug pulls, where developers abandon a project and abscond with investor funds, continued to be a prevalent issue. In some cases, the methods used by hackers remained unknown, adding to the complexity of these incidents. Social engineering attacks, such as Twitter hacks, also featured prominently, with hackers leveraging social media platforms to deceive and steal from users. Flash loan attacks, which exploit temporary vulnerabilities in lending protocols, rounded out the top five attack methods.

These incidents serve as a stark reminder of the importance of security in the crypto space. As the industry continues to grow, so too does the need for robust security measures to protect against increasingly sophisticated threats.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.