August Sees Surge in Crypto Hacks with $136M Lost to Attackers
In August, crypto investors suffered a significant blow as hackers carried out 50 major attacks on various blockchain protocols. According to PeckShield, a leading blockchain security firm, this represents a 67% increase in hacking incidents compared to July.
The total loss incurred by investors was $136.3 million, which is a substantial decline of 49.5% from the $270 million lost in July. However, it's worth noting that the TectonicFi exploit accounted for approximately $74 million of August's total loss, more than 54% of all the month's losses.
The TectonicFi hack is considered one of the most significant crypto thefts this year, ranking as the fourth-largest behind Drift, KelpDAO/LayerZero, and Coldcard exploits. The attacker managed to bridge around $6 million to Ethereum before Cronos paused the entire chain, freezing the remaining stolen funds.