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Crypto scams

Crypto Losses From Web3 Scams And Hacks Drop Dramatically In H1 2023

Scott Matherson
by Scott Matherson
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

New data shows that crypto scam and hack losses in the first half of 2023 were down a whopping 75% from the same period last year. A recently released report by Beosin, a blockchain security firm, revealed that the total value of cryptocurrencies lost in scams, hacks, and rug pulls targeting Web3 platforms reached $656.61 million during the first half of 2023. For comparison, $1.9 billion was lost to Web3 scams in the same quarter last year. 

DeFi Platforms Remain The Most Frequent Target

Decentralized finance (DeFi) platforms were hit the hardest by scams and hacks in the first half of 2023. Decentralized finance aims to disrupt traditional financial institutions, but with its anonymity and lack of regulation also come more opportunities for fraud. The total loss from 85 DeFi security breaches reached $292 million, accounting for 62% of the total losses.

Related Reading: Binance Australia Raided By Regulator In Dramatic Twist Of Events

Criminals are known for always exploiting vulnerabilities in unaudited smart contracts to drain funds, but the number of cases has reduced dramatically. As a result, hackers taking advantage of smart contract vulnerabilities resulted in a loss of $264 million, accounting for 56% of the total losses. 

On the other hand, phishing scams and rug pulls were more frequent. Around $108 million was lost due to victims falling victim to phishing scams, while approximately $75.87 million was lost due to victims falling victim to rug pull scams.

However, the reduction in total money lost in the first half this year is great news for crypto investors and the industry in general. Less money stolen means more money in the pockets of honest traders and holders. 

Ethereum Remains The Biggest Blockchain Target

Due to the considerable number of Web3 projects on Ethereum, the blockchain has been a major target for scams and hacks in the crypto space. Unfortunately, that trend continued into the first half of 2023. While the total value stolen from Ethereum scams and hacks fell compared to 2022, it still represented the majority of funds stolen in the crypto sector.

In total, 75.6% of the loss amount came from Ethereum, coming up to approximately $356 million. With 58 cases, the BNB Chain had the highest number of recorded attacks, which accounted for 53.7% of all security incidents.

Total crypto market cap chart from TradingView.com

Total market cap holding above $1.6 trillion | Source: Crypto Total Market Cap on TradingView.com

Improved Security Measures

Beosin’s report paints a picture of the current perspective of the cryptocurrency industry. It shows that Web3 projects have really stepped up their security game, and the crypto community has gotten smarter about security best practices. 

Professional smart contract auditing has increased, although approximately 49% of the attacked projects had not undergone an audit. 

Related Reading: Ethereum Takes A Step Towards Secure DeFi With New ‘Standard’ To Curb Hacks

Some of the biggest attacks were the $197 million breach on Euler Finance, the $67 million stolen from Atomic Wallet, and the MEV sandwich attacks resulting in a total loss of approximately $25 million.

About $113 million was sent to Tornado Cash and other mixers, while $215 million was recovered from attackers.

Featured image from Unsplash, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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