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- 1 The recent data report states that July was not a good month for the crypto industry.
- 2 In a single month, millions of dollars were lost which is higher than the total of last year.
The crypto market report of last month was not positive as millions of dollars were lost in many high-profile hacks and exploits. The eighth month of 2023 just started and the report card of last month, July 2023, became the “worst month of 2023.” A data report sourced from a Web3 outlet “De.Fi” stated this information of loss in the crypto world.
Worst Month for Crypto
According to a De.Fi report shared late last month, July 2023 had losses totaling $486 Million recorded. Notably, by comparing the cryptocurrency losses of July 2022 to July 2023, the loss of this year is more than six times the total from last year.
July has recorded multiple high-profile hacks and exploits along with a flurry of legislation activity surrounding the nature of cryptocurrencies.
On the other hand, out of the total loss, only $6.15 Million were recovered as mentioned in the report. However, almost 99% of all cryptocurrency and digital assets stolen last month have not been recovered.
The research analysts of De.Fi added in the report that “Regrettably, the recovery efforts in July 2023 were woefully inadequate, with only $6,796,915 recouped from the vast $486.35 Million lost.”
They further highlighted the ability of the crypto sector to recover the stolen or missing funds as “a pivotal element in alleviating the impact of these unfortunate incidents.”
The Networks Which Suffered Most
The majority of losses occurred on the Ethereum network stating $447 Million of losses in 36 different cases. It included the Multichain hack with $231 Million of loss and the Alphapo exploit that cost almost $100 Million, as mentioned in the report.
Following the Ethereum network, the Base network witnessed $23 Million of loss in just a single case. Another well-known network in the industry further reported almost $11 Million of loss in more than 18 cases.
The “access control issues” accounted for the majority of the funds lost in July with $364 Million. On the other hand, Rugpulls, with more than 38 reported cases, resulted in losses in the amount of about $36 Million, and reentrancy attacks led to about $78 Million in losses.”
Most Traded Cryptocurrencies in July 2023
According to CoinMarketCap, a cryptocurrency price tracking site, the leading two most traded cryptocurrencies by market cap were: Bitcoin (BTC) and Ethereum (ETH) which showed a bearish outlook in July 2023.
BTC dropped over 5% while mostly trading below the trading price of $30.94K. On the other hand, ETH showed a nearly 7% drop in the last month while its trading range was mostly below $1951.00. At press time, BTC is trading at $29,017.64, down by 1.83% while Ethereum is trading at $1,832.73 also down by 1.32% in the last 24 hours.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
