Crypto industry losses from hacks and scams increased by 60% over the year

In the third quarter, losses of the Web3 ecosystem from hacking and fraud reached $685.5 million – 59.9% more than the same period a year earlier, Immunefi calculated.

Year on year, the number of incidents increased by 153%, from 36 to 76.

Of the total damage for the quarter, $662.85 million was due to 49 hacker attacks, and $22.7 million was due to 27 cases of scam.

Almost half of the total losses were caused by the two largest incidents: Mixin Network ($200 million) and Multichain ($126 million) exploits.

According to the report, North Korean hacker group Lazarus Group was responsible for the theft of $208.6 million in the third quarter – 30% of the total loss. Immunefi experts associated the hacks of CoinEx, Alphapo, Stake and Coinspaid with its activities.

Bounty platform specialists noted that DeFi projects remained the main direction of attacks by cybercriminals. Their share in losses for the quarter amounted to 72.9% ($499.8 million) versus 27.1% of centralized services ($185.7 million).

In terms of networks, the largest number of incidents were registered in the Ethereum (35) and BNB Chain (25) ecosystems. Since the public launch of the Base L2 protocol in early August, four projects based on it have been exploited.

According to experts, victims of attacks in the third quarter managed to recover 8.9% of total losses. Six cases amounted to $61.2 million in compensation.

Let us remind you that Beosin calculated the damage to the industry as a result of hacks and scams for the quarter in the amount of $889.3 million.

Found an error in the text? Select it and press CTRL+ENTER