Crypto Hacks and Scams Cost $300 Million in August

In August, approximately $310.9 million was lost to exploits, hacks, and scams. However, digital assets worth $10.3 million were recovered, resulting in a net loss of $300.6 million. According to the security firm Certik, this is the second-highest monthly loss in 2024 so far. While May had the highest exploit total loss of just over $324 million April had the lowest loss in 2024 at $21 million. Phishing attacks accounted for the vast majority of losses, totalling $293 million, significantly overshadowing other exploits ($15.8 million). Flash loan attacks resulted in losses of approximately $1.2 million, with one incident accounting for nearly all of that amount. This is the third-lowest in 2024. Exit scam losses, which peaked at nearly $60 million in February, dropped from $3.1 million in July to $0.8 million in August.