The report states that nearly half of the losses in the cryptocurrency market for July 2023 were caused by the Multichain exploit, resulting in $231 million in losses alone. This marks the worst month of the year so far, with total losses amounting to $486 million, more than six times the total from July 2022. Recovery efforts have been inadequate, with only $6.15 million recovered out of the stolen assets. The majority of losses occurred on the Ethereum network, with $447 million lost across 36 cases. Access control issues accounted for the majority of funds lost, followed by rugpulls and reentrancy attacks. However, there were no reports of exit scams for the month of July.
Summary:
– Multichain exploit caused nearly half of the month’s losses, resulting in $231 million in losses alone.
– July 2023 marked the worst month in the cryptocurrency market, with total losses amounting to $486 million.
– Recovery efforts have been inadequate, with only $6.15 million recovered.
– Majority of losses occurred on the Ethereum network, with $447 million lost across 36 cases.
– Access control issues accounted for the majority of funds lost, followed by rugpulls and reentrancy attacks.
– No reports of exit scams for the month of July.
