{"id":441506,"date":"2024-09-02T09:34:30","date_gmt":"2024-09-02T08:34:30","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=441506"},"modified":"2024-09-02T09:34:30","modified_gmt":"2024-09-02T08:34:30","slug":"phishing-scams-dominate-augusts-300m-crypto-losses-report","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/phishing-scams-dominate-augusts-300m-crypto-losses-report\/","title":{"rendered":"Phishing scams dominate August’s $300M crypto losses – report"},"content":{"rendered":"

Blockchain security firm CertiK reported<\/a> that crypto projects were exploited for a total of $310 million in August, the second-highest monthly total this year.<\/p>\n

The firm noted that $10.3 million of the stolen assets were recovered or returned, reducing the net loss to $300.6 million.<\/p>\n

It stated<\/a>:<\/p>\n

“Combining all the incidents in August we\u2019ve confirmed ~$300.6 million lost to exploits, hacks and scams after ~$10.3 million was returned. The amount is the second highest monthly loss so far in 2024.”<\/p><\/blockquote>\n

\"Crypto
Crypto Exploits in August (Source: CertiK)<\/figcaption><\/figure>\n

Phishing attacks lead to significant losses<\/h2>\n

According to CertiK's data, phishing incidents accounted for the largest share of losses, totaling approximately $293 million.<\/p>\n

From just two incidents, one victim lost $238 million worth of Bitcoin, while another lost $55 million in DAI<\/a> stablecoin.<\/p>\n

Market observers noted that these incidents show that phishing scammers are becoming increasingly sophisticated in their attacks. Typically, phishing scams involve the impersonation of legitimate entities to steal sensitive data and gain access to their victims' crypto wallets.<\/p>\n

So, blockchain security firms like Halborn have urged<\/a> the community to implement wallet security best practices, such as carefully validating the content of any transaction before signing it.<\/p>\n

Other significant attacks on crypto projects<\/h2>\n

Beyond phishing, several crypto projects also faced considerable losses. Notable incidents include attacks on Ronin<\/a> Network, Nexera, and Convergence.<\/p>\n

On Aug. 6, a white hat hacker exploited Ronin Network<\/a>, an Ethereum<\/a> Virtual Machine (EVM)-based sidechain, for 4,000 ETH, valued at $9.85 million at the time.<\/p>\n

Meanwhile, flash loan attacks also remained a concern, though August losses totaled $1.2 million, lower than in July.<\/p>\n

Last month, the VOW token was exploited for $1.2 million due to an error in its exchange rate to vUSD. The attacker took advantage of the exchange rate being set from 1 to 100, acquiring vUSD at 100 times its actual value.<\/p>\n

Meanwhile, exit scams significantly declined, dropping to $800,000 in August from roughly $3 million in July.<\/p>\n","protected":false},"excerpt":{"rendered":"

Blockchain security firm CertiK reported that crypto projects were exploited for a total of $310 million in August, the second-highest monthly total this year. The firm noted that $10.3 million of the stolen assets were recovered or returned, reducing the net loss to $300.6 million. It stated: “Combining all the incidents in August we\u2019ve confirmed […]<\/p>\n","protected":false},"author":720,"featured_media":441532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76799,77968,16041],"tags":[78529,77095],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nPhishing scams dominate August's $300M crypto losses - report<\/title>\n<meta name=\"description\" content=\"Phishing scams fuel $300.6 million loss in crypto during August, CertiK reports.\" \/>\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\/phishing-scams-dominate-augusts-300m-crypto-losses-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phishing scams dominate August's $300M crypto losses - report\" \/>\n<meta property=\"og:description\" content=\"Phishing scams fuel $300.6 million loss in crypto during August, CertiK reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/phishing-scams-dominate-augusts-300m-crypto-losses-report\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-02T08:34:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/09\/hack-scam.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\/phishing-scams-dominate-augusts-300m-crypto-losses-report\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/phishing-scams-dominate-augusts-300m-crypto-losses-report\/\"},\"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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