Crypto losses exceed $1.19 billion in 2024, driven by July's $269.4 million in hacks, including a $235 million WazirX exploit.

The crypto industry has faced significant challenges in 2024, with losses surpassing $1.19 billion due to hacks and scams, as reported by Immunefi. In July alone, the sector recorded $269.4 million in losses, largely from a major $235 million exploit of the Indian exchange WazirX.

This incident, suspected to be orchestrated by North Korean hackers, has raised concerns about security measures within centralized finance (CeFi) platforms. Despite a year-over-year decrease in July's losses, the figures represent a 90% increase compared to the previous month, highlighting ongoing vulnerabilities in the crypto space.

Most losses this year have been attributed to CeFi exploits, totalling $636 million, while decentralized finance (DeFi) incidents accounted for $554 million. Ethereum and BNB Chains remain the most targeted networks, with Ethereum experiencing the highest number of individual attacks.

Additionally, Immunefi recently surpassed $100 million in payouts to ethical hackers for identifying vulnerabilities, underscoring the importance of security in protecting user funds across various protocols.

$4 Million Lost in IBC Hooks Breach 🧑‍💻

Terra blockchain faced a security breach, leading to over $4 million in tokens being stolen due to an exploited vulnerability in the IBC hooks module.

The Terra blockchain experienced a significant security exploit on July 31, 2024, resulting in the theft of over $4 million worth of tokens, including USDC stablecoin and ASTRO tokens from Astroport Finance. An unknown attacker took advantage of a vulnerability in a third-party module known as IBC hooks, which is designed for facilitating cross-chain contract calls and token transfers. Following the incident, the price of the ASTRO token plummeted by 60%. In response, Terra implemented emergency measures and coordinated with its validators to apply a patch to prevent further losses.

The vulnerability had been identified and patched across the Cosmos ecosystem in April; however, a subsequent upgrade on Terra in June did not include this crucial fix, leaving the network exposed. Zaki Manian, co-founder of Sommelier Protocol, noted that the exploit allowed the attacker to drain all Axelar USDC bridged to Terra, alongside a significant amount of ASTRO tokens. This incident highlights ongoing security challenges within blockchain ecosystems, particularly regarding the maintenance and implementation of critical patches.

Coinbase Adds $MEW-PERP 🐱

Coinbase Expands Offerings with MEW, JASMY, and MEME Support Amid Market Volatility.

Coinbase has announced its support for three cryptocurrencies—cats in a dog's world (MEW), JasmyCoin (JASMY), and Memecoin (MEME)—with perpetual futures listings set to launch on August 8, 2024. This strategic move aims to attract more traders and enhance market sentiment, despite the current volatility affecting these assets. The introduction of MEW-PERP, JASMY-PERP, and MEME-PERP is expected to provide traders with new opportunities to engage with these cryptocurrencies without owning the underlying assets.

Despite the positive announcement, all three cryptocurrencies experienced price declines following the news. MEW's price dropped approximately 19%, while JASMY and MEME fell about 11%.

The trading volumes for these tokens saw some increases, indicating heightened market interest. Coinbase's backing is anticipated to boost the visibility and trading volume of JASMY, known for its focus on data democratization, while MEME continues to attract speculative interest within the crypto community.

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Makenow.meme suspended for Solana Memecoins 🪙

X suspends the 'makenowmeme' account, halting memecoin minting via tweets amid rising concerns over compliance.

X has suspended the account “makenowmeme,” which enabled users to launch memecoins on the Solana blockchain through tweets. The suspension, attributed to alleged violations of platform rules, has left the account's 15,000 followers and the minting process in limbo. The official website for makenow.meme indicates that they are working to restore the account and services, stating that minting activities are currently halted.

Despite the suspension, the memecoin market continues to thrive, with tokens like “Dogs” reaching a market capitalization of $184,000. Traders have reported significant profits from memecoins launched through makenow.meme, including one who earned $802,500 in just one hour after investing in a new token. While the broader memecoin sector has seen fluctuations in value, with some coins experiencing notable drops, new entries inspired by political figures are also gaining traction in the market.

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