A complete of $15.8 million in cryptocurrencies had been misplaced to hacks or exploits within the month of August.

In response to an Aug. 31 report by blockchain safety agency Immunfi, a mixed $23.4 million in crypto was misplaced to a mix of hacks and fraud, a major lower in comparison with the $320.5 million misplaced in July. All exploits consisted of assaults towards decentralized finance (DeFi) protocols, and never a single incident affected centralized finance entities. 

Of the 21 safety incidents reported, 5 occurred on the Ethereum blockchain, whereas 4 occurred on BNB Chain. Coinbase’s extremely anticipated layer-2 answer, Base, witnessed 4 safety exploits shortly after its launch on Aug. 9.

High losses embody the Precisely Protocol hack on Aug. 18, the place 4,323.6 Ether (ETH) ($7.2 million) in customers’ deposits were stolen through a malicious deposit contract. 

In the meantime, on Aug. 25, Magnate Finance, a borrowing and lending protocol deployed on Base, orchestrated an alleged $6.5 million exit rip-off after distinguished DeFi sleuth zachXBT claimed the Magnate Finance deployer tackle was linked to the exit rip-off. All belongings have since been faraway from the protocol’s sensible contract, with its web site and socials additionally offline. 

Yr-to-date, customers have misplaced $1.25 billion in crypto attributable to hacks and fraudulent actions, in response to Immunefi information. In March, DeFi protocol Euler Finance lost $195 million in a malicious flash mortgage assault. Lower than one month later, the Euler hacker returned over 90% of customers’ belongings after builders threatened them with authorized motion. 

DeFi August 2023 safety incident report | Supply: Immunefi

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