The crypto market may have failed to post a bullish breakthrough in September, but that did not stop malicious entities from stealing funds. According to the latest stats by CertIK, approximately 2 million in various digital assets has been lost to exploits, hacks, and scams in September September Sees Record-Breaking Losses Funds pilfered by exit scams were recorded to be around .9 million, while flash loans accounted for almost %excerpt%.4 million. Crypto-related exploits, on the other hand, stood at a whopping 9.8 million, according to the latest infographic shared by the blockchain intelligence platform. CertiK attributed the largest portion of this month’s losses to the September 23rd attack on the Mixin Network, a Hong Kong-based decentralized cross-chain transfer
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The crypto market may have failed to post a bullish breakthrough in September, but that did not stop malicious entities from stealing funds.
According to the latest stats by CertIK, approximately $332 million in various digital assets has been lost to exploits, hacks, and scams in September
September Sees Record-Breaking Losses
Funds pilfered by exit scams were recorded to be around $1.9 million, while flash loans accounted for almost $0.4 million. Crypto-related exploits, on the other hand, stood at a whopping $329.8 million, according to the latest infographic shared by the blockchain intelligence platform.
CertiK attributed the largest portion of this month’s losses to the September 23rd attack on the Mixin Network, a Hong Kong-based decentralized cross-chain transfer protocol. This breach resulted in a $200 million loss, primarily due to a security breach within its cloud service provider.
Combining all the incidents in September we’ve confirmed ~$332M lost to exploits, hacks and scams.
Exit scams were ~$1.9M
Flash loans were ~$0.4M
Exploits were ~$329.8M
See more details below 👇 pic.twitter.com/DMFN9LWU8V
— CertiK Alert (@CertiKAlert) September 30, 2023
CoinEX suffered the second-largest major attack with $53.1 million in losses. North Korea’s notorious state-backed Lazarus Group was speculated to have orchestrated the attack. Other major incidents for the month were Stake.com and crypto exchange HTX, which are trailing closely behind with $41 million and $7 million, respectively, in losses.
Q3 Worst Hit By Crypto Exploits
Zooming out, September not only topped in crypto-related exploits but also solidified the third quarter as the worst-hit period for the crypto industry in terms of losses. According to another blockchain security firm, Beosin’s Global Web3 Security Report, crypto projects lost approximately $889 million to hacks, phishing scams, and rug pulls in Q3.
There were 43 significant attacks that led to a total loss of roughly $540.16 million. Within this, phishing scams contributed to losses of about $66.15 million, while 81 rug pulls resulted in a combined loss of approximately $282.96 million.
In Q3, the losses surpassed the cumulative total for the first two quarters of 2023. They amounted to approximately $330 million in Q1 2023 and $333 million in Q2 2023, ultimately soaring to $889.26 million in Q3.
DeFi continues to be the most targeted sector, with 29 attacks comprising 67.4% of the total incidents. Among various project types, public chains experienced the greatest losses, with Ethereum bearing the brunt, accumulating losses of $227 million. Ethereum also endured the highest frequency of attacks, totaling 16 incidents.
Additionally, there were 9 instances of private key compromises during this quarter, resulting in the most substantial losses among attack types, reaching $223 million.