Over the course of July, the cryptocurrency world has seen several high-impact hacks and exploits, as well as an increase in legislative activity related to cryptocurrency and digital assets.

The De.Fi report reveals that, sadly, only a total of $6.15 million has been recovered, which represents less than 1 % of all cryptocurrencies and digital assets that were stolen during this period. This fact has highlighted the insufficient speed and effectiveness of the recovery efforts undertaken.

De.Fi researchers point out that the cryptocurrency industry’s ability to recover stolen or lost funds is critical to mitigating the impact of these unfortunate incidents.

In terms of losses, the Ethereum network has been the most affected, with a total of 447 million lost in 36 cases, including the Multichain hack, which resulted in a loss of USD 231 million, and the Alphapo exploit, which cost around of 100 million dollars.

The second most affected network was Base, which lost $23 million in a single case, while Binance ranked third with losses close to $11 million spread across 18 cases.

Analysis of the losses reveals that “access control issues” were responsible for most of the funds lost in July, with a total of 364 million. The “rugpulls”, which totaled more than 38 cases, caused losses of approximately 36 million, while the re-entry attacks caused losses of about 78 million.

However, the report also strikes a positive note: no exit scams were reported during the month of July, which is a welcome relief for the cryptocurrency community.

In summary, the cryptocurrency market is going through a difficult period, with significant losses and the need to improve recovery efforts. The security and protection of digital assets remain a top priority for the industry.

K. Tovar

Source: Cointelegraph

(Reference image source: Jievani Weerasinghe, Unsplash)

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