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- 1 A 30-40% boost is seen in the crypto hacks & rug pulls in the third quarter of 2023.
- 2 Ethereum became the most troubled blockchain, accounting for most losses overall, totaling $227M.
- 3 In the third quarter of 2023, Biosin figured out 43 significant attacks in Web3, with total losses reaching $540.16M.
Crypto hacks have significantly increased in the third quarter as compared to the first and second quarters of 2023. The total amount of capital that bad actors succeed in wiping out is $889.26 Million.
Most funds were wiped out using the hacking model, followed by the rug pulls and phishing. Biosin, a blockchain security firm, highlighted in its recently released report that a boost of 35% to 40% is seen in the crypto hacks in Q3 2023.
According to Biosin, decentralized finance remains the most frequently attacked. There were 29 attacks in the DeFi field, accounting for 67.4% of the total incidents. Public chains suffered the highest amount of losses among project types.
Ethereum became the most troubled blockchain, accounting for the highest losses overall, totaling $227M. Ethereum also saw the highest number of attacks, reaching 16 times.
Regarding attack types, there were 9 private critical compromise incidents this quarter, resulting in losses reaching $223M, the most among attack types. Regarding stolen fund flows, $360M (67%) remained in hacker addresses.
Only 10% of stolen funds were recovered this quarter. Regarding audit status, the proportion of audited and unaudited projects was roughly equal, at 48.8% and 46.5%, respectively.
In the third quarter of 2023, Beosin figured out 43 significant attacks in Web3, with total losses reaching $540.16 M.
Among them, one was a security incident with losses transcending $100 Million, 7 hacks with losses between $10M to $100 M, and 9 incidents with losses between $1M to $10M.
Major Crypto Hacks, Rug Pulls & Phishing in Q3 2023
On September 25, 2023, Mixin Network reported a hack amounting to $200 Million from its mainnet. However, analysts believe that the attack on the Mixin Network is one of the biggest hacks in Q3 2023.
Curve, a decentralized finance (DeFi) ecosystem, experienced a hack of $73 Million on July 30 due to vulnerabilities in the pools’ coding language. After the negotiation with the hackers, the ecosystem got $53 Million back from the hacker, and the rest of the amount was kept as a bug bounty.
On September 12, due to a private key compromise, the crypto exchange CoinEx hot wallet was stolen across 211 chains, with total losses reaching $70 Million.
North Korea’s Lazarus Group, a cybercrime group, comprises dozens of unknown computer experts, including ethical and non-ethical hackers. It is believed that this group of hackers has the support of the North Korean Government.
On July 23, the hot wallet of crypto payment service provider Alphapo was stolen with total losses of $60 Million. North Korea’s Lazarus group caused this attack.
A group of hackers broke the firewall of CoinsPaid, a crypto payment platform, and stole $37.3 Million in assets. The hacker spent six months tracking and studying CoinsPaid’s systems, trying various attacks, including social engineering, DDoS, brute force, Phishing, etc.
Disclaimer
The views and opinions stated by the author or anyone named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
