**Crypto Industry Suffers $1.99 Million in Security Breaches Last Week**

IconCryptoNewsTerminal Staff29 Jul, 2024

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**Crypto Industry Suffers $1.99 Million in Security Breaches Last Week**

Last week, the crypto industry experienced significant financial losses due to a series of security incidents. According to blockchain security company SlowMist's weekly security report, these incidents resulted in a staggering $1.99 million in losses. Two notable incidents contributed significantly to these losses. Malware targeting the Layer2 network-based decentralized cryptocurrency exchange (DEX) MonoSwap led to a $1.3 million loss. Additionally, a vulnerability in the Spectra smart contract was exploited, resulting in a $550,000 loss. These incidents highlight the ongoing security challenges faced by the crypto industry. It is crucial for crypto businesses to prioritize robust security measures to safeguard user assets and maintain trust in the ecosystem.

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