Crypto Market Lost $486 mn In July, Most Since 2022
According to the research, the Multichain exploit caused roughly half of the month’s losses, resulting in $231 million in damages alone.
According to a research by Web3 portal De.Fi, the cryptocurrency sector is enjoying its worst month of 2023.
The research follows numerous high-profile thefts and vulnerabilities in July, as well as a frenzy of legislative activity concerning the nature of bitcoin and digital assets.
With only $6.15 million in reported recovery, nearly 99% of the cryptocurrencies and digital assets taken in July remain unrecovered.
According to the analysis, the great bulk of losses occurred on the Ethereum network, with $447 million lost across 36 cases – including the $231 million Multichain attack and the Alphapo exploit.
The next-closest network, Base, lost $23 million in a single case. Binance came in third place, with a reported loss of approximately $11 million across 18 incidents.
(With inputs from Shikha Singh)
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