Crypto Attacks Exceed $300 Million in a Single Month

Hackers made a total of 293 million dollars in August with two major phishing attacks. This month was the third worst month of the year.

Blockchain security company PeckShield announced that the ten largest attacks in August totaled $313.86 million. According to the company, two attacks, both phishing attacks, caused most of the losses.

The first attack resulted in $238 million in Bitcoin losses, while the second largest attack, a phishing attack, stole more than $55 million in DAI stablecoins (Stablecoins: cryptocurrencies whose prices are pegged to a specific asset).

PechShield data reveals that August was among the most profitable months for attackers. The company's data shows losses of $574.6 million and $360.8 million in May and February alone. While the crypto industry is notorious for hacks and exploits, attackers sometimes choose to return stolen funds. 

Here are some of the measures we need to take to protect ourselves from such attacks;

• Make sure your devices are up to date,

• Activate the necessary policies to prevent the execution of psexec, script, etc. commands by the end user,

• Position network and security devices appropriately in the environment,

• Always update your system with the latest version,

• Monitor the login logs,

• Use IDS/IPS to detect exploits,

• Implement multi-factor authentication (MFA) on all business and personal accounts.