Key Takeaways
- A user on Venus Protocol has lost $13.5 million in a phishing scam.
- Blockchain security firm PeckShield reported $163.2 million in losses across 16 major exploits in August.
- Notable cases included a Bitcoin investor tricked out of $91.4 million, and Turkish exchange BTCTurk suffering its second $54 million hack in just two months.
Venus Protocol, a decentralized finance platform for lending and trading crypto, has paused operations after a user lost over $13 million in a phishing scam.
The incident comes after crypto scams surged in August, with losses exceeding $163 million, a 15% increase over July.
Venus Protocol Paused
Blockchain security firm PeckShield reported on Tuesday, September 2, that a user had $27 million drained after falling victim to a phishing scam.
However, the firm later corrected the number to $13.5 million, stating the initial estimates “were higher as we did not exclude the debt position.”
Venus Protocol confirmed on X shortly after that it appeared to be the mistake of the user, and that the protocol had been paused while they investigated.
“We will keep everyone updated as we investigate. Protocol is paused while security reviews are underway,” Venus Protocol stated.
Phishing Scams
A crypto phishing scam involves bad actors impersonating genuine crypto platforms or services.
They trick individuals into providing sensitive details such as wallet passwords or private keys.
According to PeckShield, the victim approved a malicious transaction, “granting token approval to the attacker’s address for asset transfer.”
Crypto Scams Surge
On Monday, PeckShield reported that 16 major exploits drained $163.2 million from exchanges, platforms, and individual users in August, marking a 15% jump from July.
The most shocking crypto incident in August was also a severe case of social engineering.
A Bitcoin investor lost 783 BTC, valued at $91.4 million at the time, after being deceived by attackers impersonating customer support from both a trading platform and a hardware wallet provider.
By convincing the victim to share credentials and authorize a transfer, the scammers carried out one of the largest individual thefts in crypto history.
- August saw 16 exploits resulting in losses of $163 million | Source: PeckShield
Despite that massive scam, traditional exploits also took their toll.
Crypto exchange Turkey’s BTCTurk experienced yet another disaster, losing $54 million in August, barely two months after a nearly identical $54 million hack in June 2024.
With more than $100 million drained in just over a year, serious questions are mounting over the platform’s ability to protect customer assets.
The rise in August follows an even sharper increase in July, when hack-related losses surged 27% from June.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
