News View Non-AMP

June Crypto Report: Hacks, Scams Drain Nearly $200 Million!

Published by
Elena R

June 2024 has been tough for the cryptocurrency industry, with many platforms and users suffering significant financial losses due to cyber attacks. Data from CertiK alerts shows that various exploits, hacks, and scams have resulted in approximately $198.3 million in losses. This could make June 2024 the second-highest month for losses in cryptocurrency history.

But what exactly went wrong, and how can you protect yourself? Dive deeper to find out!

Exploits, Vulnerabilities, Losses

One of the biggest contributors to these losses was BtcTurk, a Turkish crypto exchange, which lost nearly $90 million in a hacker attack. Although some funds were recovered, this incident highlights the ongoing risks in the crypto ecosystem.

Exploits accounted for an estimated $171.3 million in losses. Various breaches and vulnerabilities in decentralized finance (DeFi) applications and systems have made them prime targets for attackers, showcasing the serious threats facing the DeFi sector.

Flash Loan Attacks

Flash loan attacks alone were estimated to cost around $23.5 million in June. Flash loans allow users to borrow large sums of money without collateral, as the loan must be repaid within a single transaction. Malicious actors have exploited this to manipulate markets and drain liquidity pools, causing substantial financial damage.

Exit scams

Exit scams, where project developers abruptly abandon their projects and abscond with investors’ funds, resulted in approximately $4.8 million in losses. These frauds have further eroded trust in the cryptocurrency community.

Successful Recoveries

Despite the high overall losses, there were some successful recoveries. Around $1.3 million of stolen funds were retrieved thanks to the efforts of security teams and blockchain analytics firms. These recoveries highlight the importance of immediate response strategies and the need for robust prevention measures.

June 2024 has reminded us of the vulnerabilities and risks in the cryptocurrency industry. While significant losses have been incurred, the efforts to recover stolen funds and improve security measures provide hope for the future. The industry must continue to strengthen its defenses against cyber attacks.

Read Also: This Week in Crypto: Social Media Hacks Fuel $573M Q2 Losses

With knowledge comes power. Stay informed about DeFi vulnerabilities with Coinpedia!

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Fartcoin Surges Over 14% After Coinbase Roadmap Surprise-Here’s What’s Next for the Price!

Fartcoin made headlines this week after a sharp 14% rally following its surprise inclusion in…

June 6, 2025

Coinbase Listing Hype Sends Fartcoin Back Into Top 100

Fartcoin is back in the spotlight! The joke-themed token jumped 12% in just one day…

June 6, 2025

Hong Kong’s New Rule Forces Stablecoins to Have Real-World Backing

The Hong Kong government has just approved a set of rules that will make sure…

June 6, 2025

Bitcoin Just Mined Its 900,000th Block – What It Means for Miners and the Next Halving

This is huge news! Bitcoin just crossed a new line in the sand. On Friday,…

June 6, 2025

Singapore Cracks Down: Crypto Firms Must Get Licensed by June 30 or Shut Down

Singapore is taking a firm stand on crypto regulation, with the Monetary Authority of Singapore…

June 6, 2025

Metaplanet Launches $5.4B Bitcoin Equity Raise

Metaplanet has announced a ¥770.9 billion (~$5.4 billion) equity raise focused on Bitcoin by issuing…

June 6, 2025