The cryptocurrency industry suffered significant losses in August, exceeding $300 million due to vulnerabilities, hacker attacks, and fraudulent activities, according to CertiK Alert monitoring. While approximately $10.3 million has been recovered, this marks the second-highest single-month loss in 2024.
Exit scams accounted for roughly $800,000 in losses, while flash loan attacks and contract vulnerabilities led to losses of $1.2 million and $308.8 million, respectively.
The latest victim in a string of Discord hacks targeting crypto companies is Witness Chain, a blockchain-based DePIN validation project. Hackers reportedly used the platform’s Discord channel to share malicious links, prompting a warning from core contributor Pankaj Agarwal.
Although the server was recovered shortly after, the incident highlights a growing trend of Discord hacks in the crypto space. Polygon, Avalanche, Zksync, and Orderly Network also fell victim to similar attacks in recent days.
The Polygon hack saw attackers deploy malicious links and pose as security agents to further scam victims. One user claims to have lost a staggering $150,000 worth of Ethereum through the fraudulent links.
