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Report: Crypto Market Suffers Biggest Loss Since 2022, Dropping $486M in July

Report: Crypto Market Suffers Biggest Loss Since 2022, Dropping $486M in July

According to a report from Web3 outlet De.Fi, the cryptocurrency market is experiencing its worst month of 2023. Losses for July amounted to $486 million, which is more than six times the total losses from the same month in 2022. The Multichain exploit alone resulted in $231 million in losses. Recovery efforts have been inadequate, with only $6.15 million recovered out of the total amount stolen. 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 in July.

Summary:

– Cryptocurrency market experiencing its worst month of 2023

– Losses for July totaled $486 million, more than six times the total from 2022

– Multichain exploit resulted in $231 million in losses

– Only $6.15 million of stolen funds have been recovered

– Majority of losses occurred on the Ethereum network

– Access control issues, rugpulls, and reentrancy attacks were the main causes of losses

– No reports of exit scams in July

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