Crypto Hacks and Scams See 153% Year over Year Surge in Q3: Immunefi

In the third quarter of 2023, the crypto and Web3 projects experienced a staggering 153% increase in attack incidents compared to the same period in 2022, says a report by Immunefi, a blockchain security platform. During Q3 2022, there were a total of 30 attack incidents, but this number soared to 76 in Q3 2023. The resulting financial loss amounted to approximately $686 million.

Immunefi Q3 2023 report. Source: Immunefi

The largest loss among the incidents occurred during the Mixin hack on September 25, which resulted in the draining of $200 million. The Multichain hack came in second, causing a loss of over $126 million that remains unrecovered. Additionally, the Lazarus Group was responsible for draining over $208 million worth of crypto through various attacks on centralized services like CoinEx, Alphapo, Stake, and Coinspaid. According to the report, the Lazarus Group accounted for 30% of all stolen crypto in Q3.

Trends in Attacks

A small portion of the attacks in Q3 involved rug pulls and scams, contributing only $23 million, or 3.3% of the total losses. The remaining 96.7% of the losses originated from hacks or exploits. Interestingly, the monetary losses resulting from scams in Q3 decreased by 23.9% compared to Q3 2022.

The report further reveals that decentralized finance (DeFi) hacks accounted for 72.9% of the total losses, while centralized services accounted for only 27.1% of the exploit losses. However, Immunefi did not provide a specific definition for what constitutes a “decentralized” service versus a “centralized” service.

Most Targeted Networks

Hackers and scammers concentrated their efforts on two primary networks: Ethereum and BNB Chain. Ethereum suffered 42.7% of the total losses, while BNB Chain experienced 30.5% of the losses. Base and Optimism were the third and fourth most popular networks targeted by attackers.

This report adds to mounting evidence that the third quarter has been the worst of the year in terms of crypto-related hacks and scams. A report by CertiK that came out on October 2 reached similar conclusions.

Editor Notes

Hacking and scam incidents in the crypto world continue to make headlines, reaffirming the need for strong security measures. Investors and users must exercise caution and conduct thorough research before engaging with any crypto platforms. Stay updated with the latest news on Uber Crypto News to ensure you are well-informed and protected from potential risks.

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