In July 2024, a significant increase in cyber attacks on the cryptocurrency market was recorded, resulting in thefts of at least $142 million. Research by PeckShield identified 17 distinct incidents, highlighting a rise in losses compared to the previous month.
Cyber Attacks and Losses in July
Total losses from cyber attacks in July amounted to $142 million, representing a 27% increase from June's $111 million. However, this figure is down 46% from the same period last year, when July 2023 saw losses of $266 million.
CoinDCX Hack: Details
One of the most significant attacks was the hack of Indian cryptocurrency exchange CoinDCX on July 18, in which $44 million was stolen. CEO Sumit Gupta reported a "sophisticated security breach." An employee has been arrested in connection with the incident.
Trends and Methods of Attacks
Security expert Rob Behnke from Halborn noted that malicious actors are increasingly targeting off-chain systems. "Attackers are looking for vulnerabilities in infrastructure and processes rather than in smart contracts," he stated. This highlights the need for stronger security measures in place.
The cyber attack situation in the cryptocurrency market remains tense, with increasing losses and evolving attack methods. Market participants need to enhance their security levels to mitigate risks.
