WazirX suffered a loss of over 230 million dollars as a result of the attack; This amount represents 86.4% of the total cryptocurrency stolen from all hacking incidents in July. According to independent research, it was determined that this major attack was carried out by North Korean hackers.

The technical patterns of the attack and the methods used led to this result. Blockchain review firm PeckShield reported that the stolen WazirX funds totaled 61,154 Ether and that these funds remained under the control of hackers as of August 1.

In addition to WazirX, many other cryptocurrency platforms were also subject to hacking attacks in July. Other prominent victims include algorithmic protocol Compound Finance, bridging protocol Li.Fi, decentralized AI protocol Bittensor, and liquidity provider Rho Markets.

Compound Finance suffered a loss of $24 million, while the Li.Fi protocol suffered a loss of $10 million. Bittensor and Rho Markets suffered losses of $8 million each. In many cases, hackers diverted stolen funds to crypto mixers like Tornado Cash, making the money harder to trace and detect.

Unlike these major security breaches in July, crypto hacking incidents in June resulted in a lower impact. A total of $176 million in crypto losses occurred in approximately 20 separate incidents in June. This is well below the $266 million loss in July.

However, another important event that occurred on the last day of July was the temporary halt of the famous Terra blockchain as a result of a hack. The Terra blockchain was temporarily paused at block height 11430400 following the theft of $6 million. In this attack, the Terra hacker stole 60 million ASTRO (ASTRO), 500,000 USD, 3.5 million USD Coins and 2.7 Bitcoins.

Terra developers immediately made an urgent chain update after this hacking incident. The update was made the same day before block production resumed. In the company’s update statement, it was stated that it updated the nodes of validators with more than 67% of the voting power on Terra and took the necessary measures to prevent the recurrence of such exploits. Additionally, more validators are expected to complete their updates soon.

Deddy Lavid, co-founder and CEO of Web3 security firm Cyvers, emphasized that central finance (CeFi) assets are the biggest target for cryptocurrency hackers in 2024. He also stated that attacks on projects based on smart contracts have also increased. Lavid stated that today’s biggest security vulnerabilities arise from both software codes and personal negligence. This situation requires more attention and precautions in both technology and security.