HomeEtherumHackers and exploits drain nearly $900M from crypto projects in Q3

Hackers and exploits drain nearly $900M from crypto projects in Q3

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Crypto projects lost nearly $889 million to hacks, phishing scams, and rug pulls during the third quarter, according to the Global Web3 Security Report by blockchain security firm Beosin.

The report reveals that rug pulls accounted for $282.96 million in losses across 81 incidents, while phishing schemes generated $66.15 million in ill-gotten gains during the same quarter.

Security breaches resulted in the largest losses, with 43 crypto projects losing a total of $540.16 million. Notable hacks during this period included the $200 million hack of Mixin Network, the $73 million exploit of Curve Finance, and the compromise of an $8 million HTX hot wallet.

Source: Beosin

These losses mark a significant increase compared to the previous quarters, with $330 million lost in the first quarter and a slight increase to $333 million in the second quarter.

The report was published in collaboration with other members of the blockchain alliance, including Footprint Analytics and SUSS NiFT.

DeFi projects targeted by malicious players

According to Beosin, decentralized finance (DeFi) projects were the most targeted during the quarter, accounting for approximately 67% of the breaches. However, other sectors such as blockchains, payment platforms, exchanges, casinos, and infrastructure also experienced hacking incidents.

DeFi hacksSource: Beosin

The Ethereum blockchain suffered the highest losses and incidents during the period. According to Beosin, Ethereum experienced 16 security incidents, followed by BNB Chain (10 times), Arbitrum (3 times), BTC (2 times), and Base (2 times).

Ethereum hacksSource: Beosin

Surprisingly, nearly half (46.5%) of the attacked projects had not undergone any security audits, and 63.6% of the projects attacked due to contract vulnerabilities had never been audited. This suggests that many of the exploits could have been prevented with proper security measures.

Unfortunately, only 10% of the stolen funds were recovered, leaving around $800 million unaccounted for and highlighting the challenges of recovering stolen crypto assets.

Posted In: Ethereum, Hacks

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