Crypto hacks down by 54.2% in June, $176M lost in a month

Crypto hacks down by 54.2% in June, 6M lost in a month

Net losses from cryptocurrency hacks and exploits in June fell 54.2% from May.

Losses from crypto hacks decline in June

According to data from the crypto analytics firm PeckShield, approximately 20 hacking incidents were reported in the crypto space in June, leading to a net loss of nearly $176 million. This is a significant decrease of 54.2% from May when hackers made off with $385 million.

Source: PeckShield

The BtcTurk crypto exchange exploit was the biggest hack for June, and the hackers got away with over $100 million in crypto assets, according to Peckshield data.

Early estimates from onchain sleuth ZachXBT put the losses at around $55 million. The second-largest exploit involved centralized exchange Lykke, with $22 million in losses. The third-largest exploit was on decentralized finance (DeFi) lending protocol UwU Lend, which suffered a $19.4 million loss.

Crypto hack losses. Source: PeckShield

Centralized exchanges took the top two spots in the rankings for the highest losses in June, followed by three DeFi protocols.

Centralized exchanges largest contributor to exploits this quarter

May was the biggest month in terms of crypto losses in 2024 so far, with nearly $385 million in net losses from crypto hacks. The biggest single loss was from the May 31 private key hack of crypto exchange DMM, which drained $305 million worth of Bitcoin (BTC) from the exchange.

February saw net losses of $360 million, while April saw the lowest number, with $60.19 million.

Related: Memecoin trader loses over $1M following Normie exploit

Despite a notable decrease in net losses from exploits in June, losses increased by 115% in the second quarter of 2024 compared with the same period in 2023. Q2 of 2023 saw $220 million in losses, with over $572 million lost in Q2 2024.

The majority of the quarter’s losses were attributed to centralized exchange hacks. This quarter, losses from centralized protocols and exchange exploits amounted to $401 million, or 70% of the total.

Losses from centralized exchanges have been higher this quarter. However, data indicates that only a very small fraction of all attacks against these exchanges were successful. The hacker exploited centralized platforms only five times this quarter, while decentralized protocols saw a total of 62 successful exploits.

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