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According to blockchain security firm CertiK, the cryptocurrency industry suffered significant losses from malicious actors in August.
It has been reported that over $45 million worth of digital assets were stolen from victims, primarily due to the PEPE exploit, resulting in a loss of $13.2 million.
- The data shows that exit scams contributed to nearly $26 million, while flash loan strikes and exploits contributed to nearly $20 million in total. This brings the total losses in the crypto sector to over $45 million in August alone.
Combining all of August’s events, we’ve confirmed ~$45.8M in losses due to exploits, hacks, and scams.
exit scams were ~$26M
Instant loans were ~$6.4M
exploits were ~$13.5M
See more details below 👇 pic.twitter.com/L2gsJYBJ3b
– CertiK Alert (@CertiKAlert) 31 August 2023
- Notable contributors to this statistic include the Tsunami Protocol attack, which led to $2.2 million in losses, and the Exactly Protocol exploit, which led to $7.3 million in fraud.
- However, the most significant event, the PEPE withdrawal, lost $13.2 million, making it one of the most significant exploits in August.
- The incident involved the mysterious withdrawal of $16 million from a multi-sig wallet of the Pepecoin (PEPE) project.
- Reportedly, three former members of the project planned the heist and later handed over control to the only remaining one.
- As a result, the price of Pepe fell by about 15% on August 24, fueled by community fears of a possible pullout after amounts were withdrawn from the Pepe multi-sig wallet and transferred to various exchanges.
- According to CoinGecko data, PEPE is currently trading at $0.000000816110, down 8% over the past week, with a 24-hour trading volume of $63,593,981.
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source: cryptopotato.com
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