The cryptocurrency market took a massive hit in August 2024, losing over $310.94 million in a series of devastating hacks, scams, and exploits, according to data shared by on-chain security firm CertiK Alert. This substantial crypto loss in a single month was the second-largest loss so far in 2024, while the largest crypto theft of $324.7 million was noted in May 2024.
Crypto Market Lost $300 Million This Month
Of this notable loss, the crypto market has only recovered a modest $10.3 million worth of crypto assets. CertiK Alert noted that the market saw $308.8 million in crypto theft due to exploitation, while losses from exit scams and flash loans were recorded at around $0.8 million and $1.2 million respectively.
However, the largest incidents in August 2024 included a BTC phishing victim where $238 million worth of cryptocurrency was compromised, a 0xf28 wallet address suffering a crypto loss of $55 million, Ronin Network losing $11.7 million, Vow losing over $1.2 million, and many more incidents recorded this month.
According to data, the largest exploits in August 2024 were Ronin Network, where the crypto community lost over $11.7 million, Nexera, where the community lost $448,800, and Convergence, where the community lost $210,000 worth of crypto assets.
Impact of crypto losses
These major hacks and scams in the crypto world can create fear and reduce the interest of aspiring inventors in the market.
Due to all these hacks, exploits, and scams, the overall crypto market experienced a notable price drop in August 2024. According to data from Coinmarketvap, major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) experienced significant price drops of over 12%, 20%, 26%, and 21% respectively over the past 30 days.
