The world of cryptocurrencies has long been plagued by security breaches and hacking incidents. July has been no exception, with multiple high-profile incidents that have resulted in significant losses. In this article, we will delve into some of the major hacks that occurred over the past month, providing a comprehensive overview of the losses suffered and the impact on the crypto community.

Monthly Hacks Overview:
According to PeckShield, a leading blockchain security firm, there have been over 48 major hacks in July. These incidents have collectively resulted in approximate losses of around $165 million. It’s important to note that this figure does not include the Multichain Organization hack, which saw $209 million drained from the cross-chain Bridge.

Top 5 Hacks Dominating the Landscape:
Out of the 48+ hacks, the top 5 incidents accounted for a staggering 95% of the total stolen funds in July. These high-profile breaches amounted to a combined theft of $156 million. The PeckShield report does not specifically mention the platforms affected, but they clearly demonstrate the significant impact caused by a small number of major hacks.

Exploitation of Base LP Pairs:
In another concerning event, a community contributor reported the exploitation of LP (Liquidity Provider) pairs on Base, resulting in the loss of approximately 340 ETH, equivalent to around $630,000 at the time of the incident. The Base platform has become the target of this exploit, highlighting the importance of robust security measures across all decentralized finance (DeFi) platforms.

PinkDraine’s NFT Heist:
PinkDraine, a notorious hacker, managed to steal the NFT (Non-Fungible Token) with the ID 13862 from the Mutant Ape Yacht Club. The stolen NFT was promptly transferred to an address on the Ethereum network. Although the financial value of the stolen NFT is not mentioned, the incident underscores the vulnerability of the NFT market to cyberattacks.

Multichain Drainer’s WBTC Swap:
The Multichain Drainer successfully transferred 220 WBTC (Wrapped Bitcoin) tokens, valued at approximately $6.5 million, and swapped them for approximately 6.4 million USDT (Tether). Subsequently, a portion of the USDT was divided into multiple addresses, with a portion of it ending up on the Binance exchange. This incident highlights the need for enhanced security protocols and vigilant monitoring across various blockchain networks.

KaratDAO Compromised:
CertiK Skynet Alert reports that the X account @KaratDAO has been compromised. Users are advised not to click on any links until the team confirms that they have regained full control over the account. This incident serves as a reminder for users to exercise caution and practice good cybersecurity hygiene while engaging with decentralized systems.

Monopoly Liquidity Removal:
The CertiK Skynet Alert also detected a substantial liquidity removal of 99.9% from Monopoly. An address associated with the incident removed $115.8 thousand worth of BUSD (Binance USD). The motives behind this liquidity removal remain unknown, but it further underscores the importance of audits and security measures in the DeFi sector.

The crypto market has once again witnessed significant hacking incidents in July, resulting in substantial losses for individuals and platforms alike. The scale of the hacks, along with the dominance of a few high-profile incidents, demonstrates the need for continuous improvement in security measures across the industry. Both platform developers and users must remain vigilant and adopt robust security practices to protect against such cyber threats.