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Immunefi reports a staggering 153% YoY surge in hacks and scams within the crypto industry during Q3

Immunefi reports a staggering 153% YoY surge in hacks and scams within the crypto industry during Q3

The number of attack incidents in the crypto and Web3 space has skyrocketed in Q3 2023, leaving a trail of devastation in its wake. According to a report by Immunefi, these incidents have surged by a staggering 153% compared to the same period last year. In Q3 2022, there were a mere 30 attacks, but this year, that number has exploded to a whopping 76. The losses incurred during this quarter alone amount to a mind-boggling $686 million.

The Mixin hack of September 25 stands out as the most devastating attack, draining a jaw-dropping $200 million. Not far behind is the Multichain hack, which resulted in losses of over $126 million that have yet to be recovered. But the Lazarus Group takes the cake, siphoning off a staggering $208 million through various attacks on centralized services such as CoinEx, Alphapo, Stake, and Coinspaid. This notorious group was responsible for a whopping 30% of all stolen crypto in Q3.

While rug pulls and other scams did occur, they accounted for a relatively small portion of the attacks, with only $23 million or 3.3% of total losses attributed to them. The remaining 96.7% came from hacks and exploits. Interestingly, monetary losses from scams actually decreased by 23.9% compared to the same period last year.

When it comes to the targets of these attacks, decentralized finance (DeFi) took the biggest hit, accounting for a staggering 72.9% of total losses. Centralized services, on the other hand, made up only 27.1% of exploit losses. Unfortunately, Immunefi did not provide clear definitions for what they consider “decentralized” versus “centralized” services.

In terms of specific networks, Ethereum and BNB Chain were the prime targets for hackers and scammers. Ethereum alone represented 42.7% of losses, while BNB Chain accounted for 30.5%. Base and Optimism also made the list as the third and fourth most popular networks for attackers to exploit.

In summary, Q3 2023 has proven to be a nightmare for the crypto and Web3 space, with a staggering increase in attack incidents and astronomical losses. The Mixin hack, Multichain hack, and exploits by the Lazarus Group have left the industry reeling. While scams have decreased, DeFi remains the primary target for attackers. Ethereum and BNB Chain are the networks most in the crosshairs of hackers and scammers.

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