The cryptocurrency market is having its worst month of 2023, according to a report from Web3 outlet De.Fi shared with Cointelegraph.<\/p>\n
Losses for July totaled $486 million, more than six times the total from 2022:<\/p>\n The report comes on the heels of several high-profile hacks and exploits in the month of July and a flurry of legislative activity<\/a> surrounding the nature of cryptocurrency and digital assets. <\/p>\n 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.<\/p>\n According to a document shared with Cointelegraph, the researchers at De.Fi believe not enough is being done to recover lost funds quickly:<\/p>\n \u201cRegrettably, the recovery efforts in July 2023 were woefully inadequate, with only $6,796,915 recouped from the vast $486.35 million lost.\u201d<\/p><\/blockquote>\n The researchers went on to describe the cryptocurrency sector\u2019s ability to recover stolen or lost funds as \u201ca pivotal element in alleviating the impact of these unfortunate incidents.\u201d<\/p>\n Per the report, the vast majority of losses occurred on the Ethereum network, with $447 million lost across 36 cases \u2014 including the Multichain hack, which involved $231 million, and the Alphapo exploit<\/a>, which cost around $100 million. <\/p>\n The next-closest network was Base, which saw $23 million lost in a single case. Binance took third with a reported loss of nearly $11 million over 18 cases.<\/p>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-07\/80902981-edbc-45ff-8289-ccbc31b79a6a.jpg\" "\\"\\"")
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