Hackers steal record amount of cryptocurrencies in July

The past month turned out to be the worst of the current year decentralized funding (DeFi) sector. In July, DeFi protocols lost a total of $468 million due to hacks and other cyberattacks. That’s a significantly worse performance than the same month in 2022, which saw a loss of around $80 million.

Biggest loss on Ethereum

The biggest losses occurred on the Ethereum (ETH) network. They totaled $447 million, more than 95% of total monthly losses. The trick cross chain The Multichain platform was the biggest culprit. In total, the platform lost $231 million in crypto assets. Crypto payments provider Alphapo was also hacked, valued at around $100 million.

Lost Crypto Funds (Source: De.Fi)

Access problems lead to the biggest losses

The new network of crypto exchange Notably, Coinbase Base, which went live just this year, reported a loss of $23 million. Base saw another one this week withdraw at the BALD token, where early investors made millions in profits in one day, but left many investors cheated in the end. More than 38 attacks were related to backpulls, resulting in a total loss of $36 million.

Most of the losses were due to access problems. In the context of crypto, this refers to issues with setting up access rights and privileges on a blockchain or Smart Contracts. These problems can occur when there are security vulnerabilities in access control that allow unauthorized users to access certain features or data. In total, $364 million worth of cryptocurrencies were hacked in this way.

Through reentry Attacks have lost $78 million. The latter are malicious smart contracts that invoke a function of another contract and then invoke the malicious contract again before completing the first function call. This allows the attacker to withdraw funds repeatedly before the original contract updates the account balance.

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