According to a report by blockchain security platform Immunefi, there has been a significant increase in attack incidents targeting crypto and Web3 projects in the third quarter of 2023 compared to the same period in 2022. The report reveals that the number of attack incidents rose by 153%, from 30 in Q3 2022 to 76 in Q3 2023. The losses incurred during this period totaled nearly $686 million.
One of the major attacks that took place in Q3 2023 was the Mixin hack, which resulted in a loss of approximately $200 million. This incident was followed by the Multichain hack, where over $126 million was lost and has yet to be recovered. Additionally, the Lazarus Group, a notorious hacking group, drained over $208 million worth of crypto through multiple attacks. The group targeted centralized services such as CoinEx, Alphapo, Stake, and Coinspaid. According to the report, the Lazarus Group was responsible for 30% of all stolen crypto in Q3.
While some attacks were carried out through hacks and exploits, there were also instances of rug pulls and other scams. However, the losses from scams accounted for only $23 million or 3.3% of the total losses in Q3. The remaining 96.7% came from hacks or exploits. Interestingly, the report highlights that monetary losses from scams in Q3 decreased by 23.9% compared to the same period in 2022.
The report also reveals that decentralized finance (DeFi) hacks constituted 72.9% of the total losses, while centralized services accounted for the remaining 27.1%. However, Immunefi did not provide a clear definition of what they considered as “decentralized” versus “centralized” services.
Related Post
Among the networks targeted by hackers and scammers, Ethereum and BNB Chain were the most popular. Ethereum accounted for 42.7% of the losses, while BNB Chain represented 30.5%. Base and Optimism were also identified as popular networks for attackers to exploit.
This latest report from Immunefi adds to a growing body of evidence suggesting that Q3 2023 has been the worst quarter in terms of cryptocurrency-related hacks and scams. A report by Certik published on October 2nd reached similar conclusions.
With the rise in attack incidents, it is crucial for crypto and Web3 projects to prioritize security measures. This includes implementing robust security protocols, conducting thorough code audits, and engaging with security platforms like Immunefi to identify and address potential vulnerabilities.
Overall, the increase in attack incidents and the significant losses incurred in Q3 highlight the ongoing need for vigilance and proactive security measures in the crypto space.
