Key takeaways
The number of crypto hacks and scams surged by 153% in the third quarter of the year.
Nearly $700 million was lost to hacks and scams in the last quarter.
Crypto investors lost nearly $700 million to hacks and scams
Blockchain security platform Immunefi& published its quarterly industry security report for the third quarter of 2023.
Per the report, crypto and web3 projects recorded a 153% increase in attacks in the quarter that ended September, compared to the same period in 2022. In Q3 2022, there were 30 crypto hacks and scams.&
However, this figure grew to 76 in the third quarter of 2023, with nearly $686 million lost in the process.&
The Mixin hack that took place on September 25 was the most notable, with the attackers stealing roughly $200 million from the platform. Multichain also suffered an attack in the third quarter of the year, resulting in over $126 million in losses that are yet to be recovered. The attack resulted in& Multichain ceasing operations in July.&
Lazarus Group leads the way in crypto theft
The Lazarus Group was the most popular attacker in Q3 2023, as it stole over $208 million worth of cryptocurrencies via multiple attacks. The group& attacked centralised services CoinEx, Alphapo, Stake, and Coinspaid and was responsible for & 30% of all stolen crypto in the previous quarter.&
Immunefi reported that only a small portion of attacks in the last quarter were rug pulls and other scams. Around $23 million was lost to rug pulls and other scams, accounting for only 3.3% of total losses. The report highlighted that funds lost via rug pulls and scams decreased by 23.9% compared to Q2 2022.
Decentralised finance (DeFi) protocols continue to be the target of hackers as they account for roughly 73% of total losses. Centralised services, meanwhile, accounted for around 27% of exploit losses.&
Projects on the Ethereum and BNBChain blockchains remain the primary target of attackers. Ethereum projects accounted for 42.7% of the losses, while BNBChain recorded 30.6%. Q3 2023 is so far the worst quarter of the year in terms of crypto hacks and scams, the report concluded.&
The post Crypto hacks and scams grew by over 150% in Q3 2023: Immunefi report appeared first on CoinJournal.
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