{"id":436024,"date":"2024-08-01T11:05:48","date_gmt":"2024-08-01T10:05:48","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=436024"},"modified":"2024-08-01T11:05:48","modified_gmt":"2024-08-01T10:05:48","slug":"crypto-projects-lose-278-million-to-july-hacks-second-highest-in-2024","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-projects-lose-278-million-to-july-hacks-second-highest-in-2024\/","title":{"rendered":"Crypto projects lose $278 million to July hacks, second-highest in 2024"},"content":{"rendered":"<p>Crypto projects lost $278.8 million to exploits and hacks in July\u2014the second-highest monthly loss this year\u2014according to blockchain security firm <a href=\"https:\/\/cryptoslate.com\/companies\/certik\/\">CertiK<\/a>.<\/p>\n<p>CertiK <a href=\"https:\/\/x.com\/CertiKAlert\/status\/1818603157649281382\">pointed out<\/a> that the losses were primarily due to exit scams, flash loans, and other exploits. However, $7.8 million of these stolen assets were recovered, reducing the net loss to $270.9 million.<\/p>\n<h2>The exploits<\/h2>\n<p>Project exploits were the most significant contributors, amounting to approximately $265 million. The top five exploits, including incidents involving <a href=\"https:\/\/cryptoslate.com\/companies\/wazirx\/\">WazirX<\/a>, Li.Fi, Bittensor PyPi, and <a href=\"https:\/\/cryptoslate.com\/terra-resumes-operations-after-5m-security-breach-triggers-astroport-token-plunge\/\">Terra IBC<\/a>\u00a0were responsible for about $253 million.<\/p>\n<p>On July 18, Indian crypto exchange WazirX suffered an <a href=\"https:\/\/cryptoslate.com\/indian-exchange-wazirx-hit-by-235-million-hack-north-korea-link-suspected\/\">exploit totaling $235 million<\/a>, triggered by suspicious transactions in its Ethereum network multi-sig wallet. Market observers said the attack was linked to <a href=\"https:\/\/cryptoslate.com\/north-koreas-lazarus-group-tied-to-305m-crypto-breach-of-japans-dmm-exchange\/\">North Korea-backed Lazarus Group<\/a>, which has begun laundering the funds via crypto mixing tools like Tornado Cash.<\/p>\n<p>Meanwhile, the exchange has paused operations and <a href=\"https:\/\/cryptoslate.com\/wazirx-seeking-partnerships-to-recover-from-230-million-hack\/\">introduced<\/a> a $23 million bounty to incentivize the attackers to refund the stolen funds. WazirX has also proposed &#8220;implementing a socialized loss strategy to distribute the impact equitably among all users.&#8221;<\/p>\n<p>Another major exploit last month was the $10 million smart contract <a href=\"https:\/\/cryptoslate.com\/lifi-protocol-exploited-for-10-million-warns-users-to-avoid-platform\/\">exploit of the LiFi protocol<\/a>. Reports revealed that the platform had suffered a similar attack in March 2022.<\/p>\n<figure id=\"attachment_436053\" aria-describedby=\"caption-attachment-436053\" style=\"width: 793px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-436053\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/GTz5ptwXMAE15eS.jpg\" alt=\"Crypto exploits\" width=\"793\" height=\"1225\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/GTz5ptwXMAE15eS.jpg 793w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/GTz5ptwXMAE15eS-194x300.jpg 194w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/GTz5ptwXMAE15eS-663x1024.jpg 663w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/GTz5ptwXMAE15eS-768x1186.jpg 768w\" sizes=\"(max-width: 793px) 100vw, 793px\" \/><figcaption id=\"caption-attachment-436053\" class=\"wp-caption-text\">Crypto Exploits in July (Source: CertiK)<\/figcaption><\/figure>\n<p>Flash loan attacks also saw notable incidents. On July 19, <a href=\"https:\/\/cryptoslate.com\/ethereum-layer-2-scroll-halts-chain-finalization-after-rho-markets-suffers-7-6m-breach\/\">Rho Markets<\/a>, a lending protocol on the Scroll layer-2 network, experienced a $7.6 million exploit on its USDC and USDT pools. The platform later confirmed that the entire amount was recovered from the MEV address.<\/p>\n<p>Dough Finance, a liquidity provider, suffered a $2.1 million loss through multiple flash loan transactions. While some funds were returned, a significant portion was sent to the crypto-mixing tool Tornado Cash.<\/p>\n<p>Furthermore, exit scams contributed roughly $3 million in losses last month.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto projects lost $278.8 million to exploits and hacks in July\u2014the second-highest monthly loss this year\u2014according to blockchain security firm CertiK. CertiK pointed out that the losses were primarily due to exit scams, flash loans, and other exploits. However, $7.8 million of these stolen assets were recovered, reducing the net loss to $270.9 million. The [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":436044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76799,16041],"tags":[78529,79627,77634],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto projects lose $278 million to July hacks, second-highest in 2024<\/title>\n<meta name=\"description\" content=\"July sees second-highest crypto losses of 2024, totaling $278 million in hacks and exploits.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-projects-lose-278-million-to-july-hacks-second-highest-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto projects lose $278 million to July hacks, second-highest in 2024\" \/>\n<meta property=\"og:description\" content=\"July sees second-highest crypto losses of 2024, totaling $278 million in hacks and exploits.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-projects-lose-278-million-to-july-hacks-second-highest-in-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-01T10:05:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/hack-exploit-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/crypto-projects-lose-278-million-to-july-hacks-second-highest-in-2024\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/crypto-projects-lose-278-million-to-july-hacks-second-highest-in-2024\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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