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Cryptocurrency News Articles
Finance Redefined: Crypto Hackers Surpass $1.2B Stolen in 2024, Celsius Distributes $2.5B to Creditors
Aug 31, 2024 at 03:01 am
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant
Decentralized finance (DeFi) saw a troubling trend continue in 2024 with crypto hackers managing to steal over $1.2 billion, a 15.5% increase from the same period in 2023.
Despite the efforts of law enforcement and crypto firms to combat illicit activities, DeFi protocols and exchanges remained a prime target for hackers.
In August alone, several notable hacks occurred, including a rug pull that drained $60 million from investors and a hack on decentralized exchange (DEX) 1DEX that resulted in the theft of over $20 million.
The total value locked (TVL) in DeFi protocols also saw a slight decrease this week, dropping to $143.3 billion on Friday morning.
However, the TVL has remained above the $140 billion mark for several weeks now, indicating a relative stability in the DeFi market.
Here’s a summary of the key DeFi developments this week:
Crypto hackers surpass $1.2 billion stolen in 2024: Immunefi
Cryptocurrency hackers have now stolen over $1.2 billion following hacks in August, raising further concerns about widespread crypto adoption.
The crypto industry saw a total of $1.21 billion worth of digital assets lost to hacks and rug pulls year-to-date in 2024 across 154 individual exploits.
This represents a 15.5% increase compared to the same period in 2023, when losses totaled just over $1 billion, according to an Immunefi report shared with Cointelegraph.
Celsius distributes $2.5 billion to 251,000 creditors amid bankruptcy proceedings
Celsius has repaid two-thirds of its eligible customers as part of its long-awaited bankruptcy proceedings.
According to an Aug. 26 court filing, the bankrupt crypto lender has repaid approximately $2.53 billion to 251,000 creditors.
The amount represents approximately 84% of the $3 billion worth of assets owed by the defunct crypto lender to over 375,000 creditors.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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