Crypto Hacks: An Alarming $142 Million Loss in July

Key Points

1. Blockchain security firm PeckShield reported 17 major crypto hacks in July 2023, resulting in $142 million in losses, a 27.2% increase from June.

2. The rise in crypto hacks is attributed to the expanding crypto ecosystem, which increases potential attack surfaces.

3. Key vulnerabilities exploited include DeFi protocol exploits, flash loan attacks, and weaknesses in centralized exchanges or bridges.

4. Users can reduce risks by enabling two-factor authentication (2FA), avoiding phishing attempts, and conducting thorough due diligence.

5. The crypto industry is actively working to combat hacks, but stricter regulations like KYC and AML compliance may be introduced, potentially conflicting with DeFi's decentralized ethos.