In June 2024, the cryptocurrency space saw a notable decline in losses due to hacks and exploits. According to data from the crypto analytics firm PeckShield, losses fell by 54.2% compared to May, totaling $176 million. This marks a significant improvement, as May recorded net losses of $385 million, making it the highest loss month of 2024 so far.

Major Hacks in June

Despite the overall reduction in losses, June witnessed some significant hacking incidents. The largest of these was the BtcTurk crypto exchange exploit, where hackers made off with over $100 million in crypto assets. This incident alone accounted for a substantial portion of the total losses for the month.

Other notable hacks included:

• Lykke Exchange: Suffered a $22 million loss.
• UwU Lend DeFi Protocol: Lost $19.4 million.

Centralized Exchanges Hit Hard

Centralized exchanges were the primary targets in June, with BtcTurk and Lykke leading the list of biggest losses. This trend was consistent throughout the second quarter of 2024, where centralized exchanges accounted for 70% of the total losses. In fact, centralized platforms were exploited five times, contributing to a total of $401 million in losses for the quarter.

Quarterly Comparison

Despite the decrease in losses in June, the overall losses in the second quarter of 2024 were significantly higher than the same period in 2023. The second quarter of 2024 saw $572 million in losses, a 115% increase compared to $220 million in Q2 2023.

Summary

While the reduction in losses in June is a positive sign, the cryptocurrency space continues to face significant challenges from hackers, especially targeting centralized exchanges. With $572 million lost in the second quarter of 2024, it is clear that more robust security measures are needed to protect digital assets and reduce the frequency and impact of such incidents in the future.