According to data from blockchain security firm PeckShield, approximately $163 million worth of crypto was lost in August 2023. Hackers compromised 16 cryptocurrency trading platforms.
Biggest Crypto Hacks of August
An anonymous Bitcoin (BTC) holder suffered the largest hack in August, losing $91.4 million. Additionally, major Turkish exchange BtcTurk, which experienced another significant security breach in just over a year, lost $54 million. Moreover, the Bitcoin-based meme-coin launchpad ODIN•FUN lost $7 million due to a sophisticated price manipulation exploit. BetterBank and CrediX Finance also featured in the top losses, recording $5 million and $4.5 million lost, respectively.
Increase in Losses from Hacks
The overall cryptocurrency losses increased by 15% compared to July, rising from $142 million to $163 million.
Comparison with Previous Months
In July 2023, the biggest hack involved Indian exchange CoinDCX, which lost $44.2 million. This indicates a worrying trend in the security of cryptocurrency platforms.
Attacks on cryptocurrency platforms continue to rise, with August recording the highest losses in several months. This raises concerns over the security of trading participants and the urgent need for enhanced safety measures.
