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Losses from exploits in the last month of summer amounted to $136.3 million, a 49.5% decrease from July's $270 million. These figures are preliminary and may change as the investigation into the incidents continues, blockchain experts clarified.
The largest hack of August was the recent attack on the Tectonic cryptocurrency lending protocol on the Cronos blockchain. The damage was estimated at $74 million, more than half of all losses for the month. Excluding Tectonic, the attackers managed to withdraw approximately $62.3 million from the remaining 49 hacks. PeckShield analysts classified the Tectonic hack as the fifth-largest crypto theft of the year, behind attacks on Drift, KelpDAO, LayerZero, and hardware wallet maker Coldcard.
Other major incidents in August included the Moonwell hack, with damages estimated at approximately $8.7 million, Term Labs at $8.5 million, Coinsbuy at $7.9 million, and TAC at $7.5 million. Significant losses of over $2 million were also reported by crypto projects Injective (approximately $4.8 million), MANTRA at $3.6 million, BounceBit at $3 million, Cosmos Labs at $2.87 million, and Aquifer at $2.47 million.
Cryptocurrency platforms lost $3.63 billion in 245 incidents from last year to July of this year, according to data aggregator CoinGecko. The greatest damage was caused by infrastructure and supply chain vulnerabilities, with total losses estimated at $1.8 billion. Among the most notable incidents were attacks on the Bybit exchange and the KelpDAO bridge.
The largest hack of August was the recent attack on the Tectonic cryptocurrency lending protocol on the Cronos blockchain. The damage was estimated at $74 million, more than half of all losses for the month. Excluding Tectonic, the attackers managed to withdraw approximately $62.3 million from the remaining 49 hacks. PeckShield analysts classified the Tectonic hack as the fifth-largest crypto theft of the year, behind attacks on Drift, KelpDAO, LayerZero, and hardware wallet maker Coldcard.
Other major incidents in August included the Moonwell hack, with damages estimated at approximately $8.7 million, Term Labs at $8.5 million, Coinsbuy at $7.9 million, and TAC at $7.5 million. Significant losses of over $2 million were also reported by crypto projects Injective (approximately $4.8 million), MANTRA at $3.6 million, BounceBit at $3 million, Cosmos Labs at $2.87 million, and Aquifer at $2.47 million.
Cryptocurrency platforms lost $3.63 billion in 245 incidents from last year to July of this year, according to data aggregator CoinGecko. The greatest damage was caused by infrastructure and supply chain vulnerabilities, with total losses estimated at $1.8 billion. Among the most notable incidents were attacks on the Bybit exchange and the KelpDAO bridge.