Hackers stole $313 millions through cryptocurrency scams and phishing in August 2024 – Report
In August, the total losses from crypto-related scams surged to over $313 million, marking a significant increase in fraudulent activity within the industry. This data was disclosed by blockchain security firm Peckshield, which highlighted several high-profile scams that took place during the month.
Peckshield’s report detailed the specific types of scams and their impact, stating, “August 2024 saw more than 10 hacks in the crypto space, leading to ~$313.86 million in losses. The two largest incidents, both phishing attacks, accounted for 93.5% of the total stolen funds, amounting to $293.4 million.”
The top five hacks for the month were as follows:
- Phishing: $238 million (in Bitcoin)
- Phishing: $55.4 million (in DAI)
- Ronin: $12 million (returned)
- Unauthorized transfer: $5.1 million
- Nexera: $1.83 million
This represented an 18% rise in total losses compared to July, when $266 million was stolen across 16 hacking incidents.
Targeting Crypto Whales
Peckshield’s findings revealed that hackers are increasingly focusing on “crypto whales,” individuals or entities that hold large amounts of cryptocurrency and whose transactions can significantly affect market prices. The largest hack in August involved a whale who lost 4,064 Bitcoin, worth approximately $238 million, to a phishing attack on August 19. The stolen funds were distributed across several platforms, including THORChain, KuCoin, and Railgun. Another whale lost $55 million in DAI stablecoin to a phishing scam.
Additionally, the Ronin Network experienced an unauthorized transfer of 4,000 ETH (worth around $10 million), but the funds were returned by white hat hackers, who also alerted the network to the exploited vulnerability. Other significant hacks included a $5.1 million unauthorized transaction and Nexera’s $1.83 million exploit.
Key Takeaways
Phishing remains the most common type of crypto scam, alongside pig butchering schemes, rug pulls, and exit scams. Phishing involves tricking victims into revealing their login credentials via cloned websites, a tactic also prevalent in broader internet fraud, particularly in business email compromise (BEC) scams. Pig butchering scams, on the other hand, are long-term frauds where scammers build trust with victims before coercing them into fake investment schemes, ultimately leading to the loss of their crypto assets.
