In July 2024, the cryptocurrency sector faced a series of attacks, resulting in losses of around $266 million. This marked a 51% increase from the $176 million lost in June.
The most significant breach involved WazirX, India’s largest crypto exchange, which lost $230 million, allegedly to North Korean hackers. Compound Finance also experienced a $24 million governance attack. Other notable incidents included LI.FI losing $9.73 million and Bittensor suffering an $8 million exploit on its staking mechanism.
Rho Markets faced a $7.6 million breach but saw an attempt by the exploiters to return the funds. Terra lost $6.8 million due to a reentrancy vulnerability. Dough Finance and Minterest experienced losses of $1.8 million and $1.4 million, respectively, from flash-loan attacks and exchange rate manipulation.
MonoSwap and Delta Prime also reported breaches, with the latter recovering $900,000 of the $1 million stolen. This surge in sophisticated attacks highlights the urgent need for improved security in the DeFi space.
