July 2023 Sees Crypto Market Record Loss of $486 Million, Highest Since 2022: Report

Cryptocurrency market experiences its most challenging month in 2023, reporting significant losses of $486 million, as revealed by a recent report from De.Fi, a Web3 outlet.

July has been marked by a series of high-profile hacks and exploits, alongside intensified legislative discussions surrounding cryptocurrencies and digital assets.

The recovery of stolen funds remains dismal, with a current reported total of only $6.15 million recovered, leaving nearly 99% of the stolen cryptocurrency and digital assets unrecovered.

De.Fi researchers express concern over the lack of robust recovery efforts, stating that more needs to be done swiftly to retrieve lost funds. They emphasize the significance of timely recovery efforts in mitigating the impacts of such unfortunate incidents.

The report indicates that the Ethereum network suffered the largest losses, accounting for $447 million across 36 cases. Notably, the Multichain hack led to $231 million in losses, while the Alphapo exploit incurred around $100 million in damages.

The Base network ranks second with $23 million lost in a single case, and Binance ranks third, reporting a loss of nearly $11 million across 18 cases.

The majority of losses, amounting to $364 million, were attributed to “access control issues.” Rugpulls, involving over 38 reported cases, resulted in losses of approximately $36 million, while reentrancy attacks caused losses of around $78 million.

However, the report presents a glimmer of hope amid the gloomy situation: July did not witness any reported exit scams, providing a ray of relief for investors and users in the crypto space.

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