In June 2024, cryptocurrency losses due to hacks and exploits significantly decreased by 54.2% compared to May, totaling approximately $176 million across about 20 reported incidents, according to data from PeckShield.
The largest hack in June occurred at BtcTurk, where hackers absconded with over $100 million worth of crypto assets, as reported by PeckShield. The second-largest exploit involved centralized exchange Lykke, resulting in $22 million in losses, followed by a $19.4 million loss at decentralized finance (DeFi) lending protocol UwU Lend.
Comparatively, May 2024 marked the peak month for crypto losses this year, with hackers siphoning nearly $385 million. The most substantial incident in May was the private key hack at DMM exchange, which resulted in the loss of $305 million worth of Bitcoin.
Although June showed a decline in losses from hacks, the second quarter of 2024 saw a 115% increase in losses compared to the same period in 2023, totaling over $572 million. Centralized exchanges bore the brunt, accounting for $401 million or 70% of the losses this quarter, despite a relatively low number of successful attacks on these platforms.
In contrast, decentralized protocols faced a higher frequency of successful exploits, with 62 incidents reported in the second quarter. Overall, while June brought a notable decrease in crypto hack losses, the quarter highlighted persistent vulnerabilities in both centralized exchanges and DeFi platforms.
