August was a very tough month for the crypto industry as hackers reportedly stole about $313 million in digital assets in over ten separate attacks.
According to PeckShield, a blockchain security company, phishing attacks were responsible for most of these losses accounting for 95% of the stolen funds, which totals around $293.4 million.
Another significant loss is the exploit of the Roin Network. Although $12 million of the stolen funds was recovered, there were still unauthorized transactions totalling $5.1 million.
In addition, Nexera, a decentralized finance protocol also suffered 1.83 million losses due to a smart contract issue.
Adding to this number of losses, Immunefi, a security company released a report on Aug. 29 that the total losses from hacks and rigs pull in the crypto space have reached $1.21 billion.
The report also many of these cryptocurrencies never fully recovered their values after being hacked, with about 80% of them failing to bounce back
One of the largest attacks seen this month was the exploit of WazirX. The India-based crypto Exchange lost $234.9 million from one of its wallets. This has raised a major concern in the crypto industry as people speculate that the exchange might soon go bankrupt.
However, the exchange is currently working on restoring its operation and is pursuing legal action in Singapore as part of its recovery plan