Crypto Industry Confronts Security Failures After $35.5M Lost in June Hack

On July 23, three major DeFi protocols lost approximately $35.5 million in six hours, leading to widespread security concerns within the crypto industry.

The affected projects included AFX Trade, Verus Ethereum Bridge, and B² Network, with losses totaling $24.15 million, $7.54 million, and $3.86 million respectively.

Analysis of the incidents reveals that attackers exploited supporting infrastructure such as cross-chain bridges and off-chain verification systems, rather than targeting the underlying blockchains themselves.

The events highlight the growing importance of crypto infrastructure security, requiring stronger protection mechanisms, infrastructure resilience, and user confidence through transparency across the industry.