Damage from hacks and scams in the third quarter amounted to $889 million

From July to September, the crypto industry lost about $889.3 million as a result of hacks, scams and rug pulls. This data was provided by Beosin experts.

The total losses from hacks, phishing scams, and rug pulls in Web3 reached $889.26 million in Q3 2023.

Losses in Q3 even exceeded the combined sum of the first two quarters ($330 million in Q1 and $333 million in Q2).

Read the full pdf version of Q3 2023 Global Web3 Security… https://t.co/aoPWOrRBeZ pic.twitter.com/5f3uYpG27e

— Beosin Alert (@BeosinAlert) September 27, 2023

The losses were distributed as follows:

• $540.16 million – 43 hacker attacks;
• $282.96 million – 81 cases of rug pull;
• $66.15 million – phishing scams;

In the third quarter, the crypto industry lost more than in the first half of the year as a whole ($655 million).

67.4% of attacks occurred on DeFi protocols (29 incidents). In value terms, the greatest damage was recorded in an attack on blockchains (Mixin Network, $200 million). After Mixin Network’s next largest losses were hacked by Curve ($73 million), CoinEx ($70 million), Alphapo ($60 million), Stake ($41.3 million).

In terms of blockchains, Ethereum became the “anti-leader” – as a result of 16 attacks, projects lost $227 million. In second place (not counting the incident with Mixin) is BNB Chain (10 cases with damage of $37.4 million).

Among rug pull, Multichain ($210 million), Bald ($23 million) and Pepe ($15.5 million) stood out.

According to analysts, only 10% of the assets stolen by hackers were recovered. For comparison, in the first half of the year the figure was 45.5%. 67% of the funds remained at hacker addresses, 18.4% went through mixers.

Previously, Chainalysis estimated that as of September 14, hackers from the DPRK stole $340.4 million. The attackers received a third of this amount as a result of just two attacks attributed to Lazarus.

Let us remind you that the group found $42.5 million worth of bitcoins in the wallets of the hackers.

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