{"id":2728,"date":"2023-08-01T04:00:00","date_gmt":"2023-08-01T04:00:00","guid":{"rendered":"https:\/\/coinnector.com\/a-hot-july-in-the-cryptocurrency-market-record-losses\/"},"modified":"2023-08-03T03:41:08","modified_gmt":"2023-08-03T03:41:08","slug":"a-hot-july-in-the-cryptocurrency-market-record-losses","status":"publish","type":"post","link":"https:\/\/coinnector.com\/en\/a-hot-july-in-the-cryptocurrency-market-record-losses\/","title":{"rendered":"A hot July in the cryptocurrency market: record losses"},"content":{"rendered":"\n
\"\"<\/figure>\n\n

The cryptocurrency market experienced its worst month in 2023, with July losses exceeding $486 million. Nearly half of this amount is attributed to one Multichain exploit. Despite regulatory revival around cryptocurrencies, barely 1% of lost assets were recovered.<\/h2>\n\n

July 2023 left a painful mark on the cryptocurrency market, recording the largest monthly losses since the start of the year. According to a report provided by De.Fi for Cointelegraph [https:\/\/cointelegraph.com\/<\/a>], the total losses for July amounted to $486 million. This is over six times more than the entire year of 2022.<\/p>\n\n

Factors contributing to such a drastic increase were numerous, widely commented attacks and exploits, as well as increasing legislative activity related to cryptocurrencies and digital assets.<\/p>\n\n

The situation concerning the recovery of lost funds is alarming. The report shows that only $6.15 million were recovered, which is just over 1% of all cryptocurrencies and digital assets that went missing in July. According to a document provided by De.Fi [https:\/\/de.fi\/<\/a>], researchers believe that not enough actions are being taken to quickly recover the lost funds.<\/p>\n\n

Most of the losses were recorded on the Ethereum network – as much as $447 million in 36 cases. Among them, the most severe were the Multichain exploit ($231 million) and the Alphapo exploit (approx. $100 million). The Base network came in second, losing $23 million in one case. Third place belongs to Binance, where losses amounted to nearly $11 million in 18 cases.<\/p>\n\n

The most common cause of fund loss was “access control issues”, which resulted in losses of $364 million. “Rugpulls” are another significant problem, which in 38 reported cases led to losses of about $36 million. “Reentrancy” attacks led to losses amounting to about $78 million.<\/p>\n\n

Despite a decidedly negative picture of the situation, the De.Fi report contains one positive note: no “exit scams” were reported in July.<\/p>\n","protected":false},"excerpt":{"rendered":"

The cryptocurrency market experienced its worst month in 2023, with July losses exceeding $486 million. Nearly half of this amount is attributed to one Multichain exploit. Despite regulatory revival around cryptocurrencies, barely 1% of lost assets were recovered.<\/p>\n","protected":false},"author":1,"featured_media":2680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58,60],"tags":[],"yoast_head":"\nA hot July in the cryptocurrency market: record losses - Kryptowaluty bez tajemnic<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinnector.com\/en\/a-hot-july-in-the-cryptocurrency-market-record-losses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A hot July in the cryptocurrency market: record losses - Kryptowaluty bez tajemnic\" \/>\n<meta property=\"og:description\" content=\"The cryptocurrency market experienced its worst month in 2023, with July losses exceeding $486 million. 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