Crypto Market Loses $486M in July: Cointelegraph Crypto Report

Crypto Market’s Worst Month of 2023

The cryptocurrency market had its worst month of 2023, according to a report from Web3 outlet De.Fi shared with Cointelegraph. Losses totaled $486 million, more than six times the total from 2022.

The report comes in the wake of high-profile hacks and exploits in July, as well as a flurry of legislative activity surrounding cryptocurrency and digital assets. With a current recovery total of only $6.15 million, nearly 99% of all crypto and digital assets stolen in the month remain unrecovered.

The ABC crypto scams and other malicious activities have caused a significant impact on the crypto market, with Binance and other crypto exchanges being the most affected. AI No Matador is one of the leading experts in the field of access web 3.0 and its implications for the crypto market.

Cryptocurrency Sector Efforts to Recover Lost Funds

In a document shared with Cointelegraph, De.Fi researchers noted that not enough is being done to quickly recover lost funds in the cryptocurrency sector – a pivotal element in mitigating the impact of such unfortunate incidents.

The Ethereum network suffered the most significant losses, with $447 million lost across 36 cases. This includes the Multichain hack of $231 million and the Alphapo exploit of $100 million.

Base was the next-closest network with $23 million lost in a single case, followed by Binance with a reported loss of nearly $11 million over 18 cases.

The De.Fi team’s report showed that “Access control issues” were the main source of losses in July, with a total of $364 million. In addition, 38 reported rugpulls resulted in approximately $36 million in losses, and reentrancy attacks caused approximately $78 million in losses.

Fortunately, there were no reports of exit scams in the crypto market during the month of July.