Hank Huang, CEO of Kronos Research, told Cointelegraph that crypto exploits often rise alongside crypto prices as hackers try to cash in on the boom.
Crypto hackers and scammers stole over $163 million from the crypto space in August across 16 separate attacks — with a social engineering attack against a Bitcoiner accounting for the lion’s share of losses.
Blockchain security firm PeckShield said in an X post on Monday that August’s losses are a 15% increase compared to July, which only recorded $142 million, though it’s down 47% year on year.
Cybersecurity experts told Coinelegraph the increase in August was driven by hackers shifting their efforts to high-value targets and the rise in crypto prices.
