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Crypto Losses Fall To A Record Low Of $15 Million In August – Details

Semilore Faleti
by Semilore Faleti
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In August 2024, the crypto ecosystem has experienced its least monthly losses of the year. However, this development which can be quite encouraging for potential investors is accompanied by increasing year-to-date (YTD) losses which indicate the nascent industry may record more losses to bad actors in 2024 than in the previous year.

Related Reading: Rising Prices, Rising Risks: Crypto Hacks Skyrocket To $1.6 Billion, Report

August Sees Lowest Crypto Losses For 2024

According to blockchain security firm Immunefi, the digital asset industry recorded in August its lowest monthly losses of the year with only $15.1 million to hacks and fraud. This development indicates a significant 38% decrease from August 2033 which experienced losses of about $24.6 million and a stunning 94.5% drop from the figures recorded in July 2024.

Interestingly, all $15.1 million were lost to five hacks with no fraud incident reported. In addition, Ethereum and BNB Chain were the most targeted networks in August, accounting for the entirety of these losses. 

Furthermore, Immuefi reported that the hacks all occurred in the DeFi space but with the majority of losses emanating from a single high-profile incident, namely the Ronin bridge exploit that resulted in the loss of $12 million. Albeit, these funds were later returned as the “ attack” was orchestrated by white hat hackers. 

However, despite the low amount of crypto losses in August, Immunefi reports that the overall year-to-date (YTD) losses in the crypto ecosystem have surged to $1.21 billion across 154 incidents, indicating a 15.5% gain in comparison to the losses recorded in the same period in 2023. 

This broader trend suggests the crypto industry is still plagued by significant levels of vulnerability, as the crypto losses in 2024 may likely finish higher than the figures recorded in 2023. This notion indicates the need for reinforcing security developments to protect the integrity of the crypto industry.

Related Reading: Bitcoin (BTC) Stumbles Below $60,000 As Data Shows Slowing Net Capital Inflows

Crypto Market Overview

According to data from Coingecko, the crypto market is experiencing a notable downturn, with the total market cap currently valued at $2.18 trillion, reflecting a slight decline of 0.19% in the last day. This represents a significant drop from $2.48 trillion a month ago.

Meanwhile, Bitcoin continues to dominate the market with a capitalization of $1.17 trillion, accounting for 53.74% of the total market share. However, the crypto market leader has lost over 10% of its value in August. Other major assets have faced similar declines; Ethereum dropped by 21.9%, Binance Coin (BNB) fell by 7.3%, and Solana decreased by 20.0%. Albeit, the stablecoin market has received more traction in this period with an increase in total market cap by 3.69% to a value of $169.85 billion.

Crypto
Total crypto market cap valued at $2.044 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from Simplilearn, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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