Crypto market loses $486M in July, most since 2022: Report
According to the report, nearly half of the month’s losses were caused by the Multichain exploit which resulted in $231 million in losses alone. The cryptocurrency market is having its worst month of 2023, according to a report from Web3 outlet De.Fi shared with Cointelegraph. Losses for July totaled $486 million, more than six times the total from 2022: Source: Document shared with Cointelegraph, via De.Fi The report comes on the heels of several high profile hacks and exploits in the month of July and a flurry of legistlative activity surrounding the nature of cryptocurrency and digital assets. With a current reported recovery total of only $6.15 million, nearly 99% of all cryptocurrency and digital assets stolen in the month of July remain unrecovered. According to a document shared with Cointelegraph, the researchers at De.Fi believe not enough is being done to recover lost funds quickly: “Regrettably, the recovery efforts in July 2023 were woefully inadequate, with only $6,796,...