Hackers managed to steal more than $ 198 million in cryptocurrencies in just a month

According to CertiK, in June 2024, the cryptocurrency market faced significant financial losses as a result of various attacks and frauds. The total amount of losses amounted to $ 198.3 million, of which only $ 1.3 million was recovered. The most serious losses are related to exploits and attacks using flash credits.

The largest losses were recorded as a result of the BtcTurk exploit, which caused a loss of $ 90 million. Other significant incidents include the Lykke ($ 23.05 million) and Videoore ($ 6.5 million) exploits. Flash credit attacks also contributed significantly to the overall losses. The UwU Lend project suffered from such attacks twice, losing $ 10.7 million and $ 3.72 million, respectively.

Scam projects remain a significant threat to the cryptocurrency community. In June 2024, several large frauds were detected, including GemHole, which caused losses of $ 3.38 million. Other startups, including TrumpCoin ($ 852.17 million) and FOMO Network ($ 575.79 million), also found themselves at the center of scandals.

Analysts emphasize that flash credit attacks remained one of the main threats to cryptocurrency projects, as they allow attackers to instantly take out a large unsecured loan and take advantage of the vulnerability of smart contracts to withdraw funds. At the same time, frauds and scam projects, although less common, continue to cause significant losses, undermining the credibility of cryptocurrency startups and their developers.