Crypto Hacks Reportedly Led to $176m in Losses in June

Over 20 cryptocurrency hacking attacks led to a loss of $176 million in the month of June 2024, according to an analytics firm.

This year, the crypto market saw some signs of revival after the US SEC approved BTC and ETH ETFs in January.

In the subsequent months, the crypto sector valuation rose from 1.76 trillion in February to its current market cap of 2.32 trillion.

Hackers targeting the crypto sector to mint profits have been constantly on the lookout for victims, as per various research reports.

PeckShield’s Findings

Btcturk was the biggest cryptocurrency-related hacking event in June, according to a report by crypto analytics firm PeckShield.

In an official statement, Btcturk had announced that the attackers managed to access hot wallets, leading to uncontrolled withdrawals.

While BtcTurk had said that the financial loss from this incident amounted to EUR 51 million or $54.7 million, PeckShield estimates that the figure was much higher and somewhere around $100.25 million.

The hack of Lykke, a free to trade crypto exchange, was named the second biggest crypto hack in June, according to the firm.

This attack is projected to have resulted in a loss of $22 million.

Both, BtcTurk and Lykke are centralised exchanges which operate as government-controlled intermediaries between buyers and sellers of digital assets.