The Decrease in Cryptocurrency Hacks in June 2024
During the bearish phase of the cryptocurrency market, the number of hacks and cyber attacks significantly decreased. In June 2024, only about 20 hacker attacks were registered. April of that year was particularly notable, as it saw the lowest number of hacks in 2024, with hackers managing to steal $60.19 million worth of crypto assets. However, the total amount of stolen crypto assets since the beginning of the year exceeded $1.5 billion.
Notable Hacks in June
According to analysts at PeckShield, the largest hack in June involved the Turkish cryptocurrency exchange BtcTurk, which suffered losses of $100.25 million. The second largest breach occurred on the British cryptocurrency exchange Lykke, where hackers stole 158 BTC and 2,161 ETH totaling over $22 million. Other notable hacks included UwU Lend, Holograph, and Velocore protocols, incurring losses of $19.4 million, $14.4 million, and $6.8 million respectively.
Market Insights and Investment Strategies
As market conditions evolve, investors are evaluating their strategies for future investments. With the rapid growth of stocks in 2024, investors are exploring profitable assets for purchase. Analyzing ProPicks algorithm data reveals impressive results, with opportunities for diverse financial portfolios to achieve investment goals.
Capital Flows and Investor Sentiment
Analysts at CoinShares report an outflow of funds from cryptocurrency derivatives for three consecutive weeks, with notable trends in regional capital flows. Ethereum-based products experienced significant outflows, making it the worst-performing asset in terms of net flows for the year.
Furthermore, short positions on Bitcoin saw outflows, indicating a potential shift in investor sentiment. Altcoins like Solana and Litecoin attracted inflows, reflecting ongoing interest in the cryptocurrency market.
Challenges for Blockchain Company Stocks
Despite positive sentiments towards cryptocurrencies, blockchain company stocks faced significant capital outflows this year, presenting challenges for the sector. It remains crucial for investors to adapt to market dynamics and evaluate investment strategies to navigate the evolving landscape of the cryptocurrency market.
