Crypto Losses in Q3 2023 Reportedly Increased Almost 60% Compared to Q3 2022
Blockchain security platform Immunefi has released its report on cryptocurrency losses in the third quarter of this year, noting that hacks led to losses valued at $662,850,580 across 49 specific incidents and fraud led to losses valued at $22,659,864 across 27 specific incidents.
That is 59.9 percent increase relative to the third quarter of last year, when hacks and frauds led to losses valued at $428,718,083. Mixin Network and Multichain contributed the most to the losses in Q3 2023. The incidents involving the two projects led to losses worth $326k, representing 47.5 percent of all losses in Q3 2023.
Hacks represented 96.7 percents of the aggregate losses relative to 3.3 percent of frauds, scams, and rug pulls. Ethereum and BNB Chain were the most targeted blockchains; decentralized finance suffered most losses at 72.9% relative to centralized finance’s 27.1% of the aggregate losses.
“Ethereum suffered the most individual attacks with 35 incidents, while BNB Chain witnessed 25 incidents. Base followed with 4 incidents and Optimism with 3 incidents. Polygon, Avalanche, Arbitrum, zkSync Era, and Fantom each had 2 incidents. Solana, and others, followed with 1 incident each,” reads the report.
Base protocol has recorded losses across four projects since its launch about eight weeks ago. The Lazarus Group allegedly carried out attacks on CoinEx, Alphapo, Stake, and CoinsPaid, and was responsible for losses worth $208.6 million, said Immunefi.