Explosive Losses in the Cryptosphere 💣
The cryptocurrency sector is an attractive target for hackers! According to a report from Immunefi, the Web3 space suffered huge losses in Q3 2023, exceeding $685 million. This astonishing surge in losses is especially alarming given that in the second quarter of this year, losses from hacking and fraud totaled just $428 million.
Malicious Attacks on Help 🦠
The Immunefi report reveals a shocking rise in cyberattacks aimed at illegally seizing funds from poorly secured blockchain protocols. An increase of 59.9% is simply explosive! More details: More than $662 million was lost in 49 separate attacks. The balance - more than $22 million - disappeared due to fraudulent investment schemes committed in 27 cases.
Goals and Losses 🎯💔
Mixin Network and Multichain were hit hard, losing a combined $326 million to hackers. This is a huge part of the total losses in the third quarter – 47.5%! CoinEx, CoinsPaid, Curve Finance and JPEG'd also did not escape the illegal withdrawal of funds.
Protocols and Suffering Losses 📜💥
Projects built on Ethereum became the main target - 35 Web3 protocols on the old platform were attacked. BNB Chain, owned by Binance, follows Ethereum, with losses of 25 protocols.
Unexpected Victims and the Lazarus Group 🧩🕵️♂️
Surprisingly, Coinbase Base, Ethereum, and other networks were also included in the list of victims, losing millions. There was only 1 incident on Solana.
At the top of the attack is the North Korea-backed Lazarus Group. They took in more than $208 million, representing 30% of the total losses in the third quarter.
DeFi – A Tidbit for Hackers 🍯
The cryptocurrency market is divided into several sectors, and DeFi is one of the brightest. There is no central control and users have direct access to their accounts. The lack of intermediaries makes DeFi a godsend for malicious actors.
Strikes on DeFi 🌪️💸
According to a report from CoinGecko, DeFi lost a whopping $2.8 billion in 2022. Hackers used a variety of methods, including bypassing the verification process, market manipulation, mass heist, and exploiting smart contracts and bridges.
Record Losses Ronin Network 🚀🌍
The report highlights Sky Mavis' Ronin Network, which lost $625 million. It is noted that this was done through an access hack.
This world of cryptocurrencies remains unpredictable and filled with intrigue. Stay tuned! 🔍📈📉 #CryptoNews #cryptocurrency #blockchain #BTC