Web3 Security Incidents Spike: July Losses Reach $290 Million

IconCryptoNewsTerminal Staff01 Aug, 2024

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Web3 Security Incidents Spike: July Losses Reach $290 Million

Web3 security breaches and rug pulls soared in July, resulting in a staggering $290 million in losses, reports blockchain security firm Beosin. This alarming figure represents a significant 56.3% increase from the previous month. The lion's share of these losses, approximately $230 million, stems from the WazirX hack alone. This single incident accounted for a remarkable 85% of the total losses incurred during the month. The surge in Web3 security incidents highlights the urgent need for robust security measures and increased vigilance within the industry.

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