Home Cryptocurrency Cryptocurrency Hacks and Exploits Price Merchants $303M in July in Worst Month of 2023

Cryptocurrency Hacks and Exploits Price Merchants $303M in July in Worst Month of 2023

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Cryptocurrency Hacks and Exploits Price Merchants $303M in July in Worst Month of 2023

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Of the $303 million this month, buyers misplaced about $285 million in exploit makes an attempt and hacks together with the Multichain and Curve assaults, per CertiK’s information. Roughly $8.7 million of belongings had been drained abusing flash loans. It is a refined exploit venue that lets merchants borrow unsecured funds utilizing good contracts as an alternative of third events. These kinds of loans are authorized, however attackers generally use them to govern the value of smaller, much less liquid tokens for positive factors. Essentially the most notable instance was DeFi protocol Conic Finance being drained of 1,700 ether (ETH), price $3.26 million on the time, utilizing flash loans.

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