Crypto Hacking Incidents Soar by 153 Percent in Q3 2023
Blockchain security firm, ImmuneFi, has reported a staggering 153 percent increase in crypto hacking incidents during the third quarter of 2023 compared to 2022. The number of incidents has surged to 76, up from just 30 during the same period last year.
Losses due to hacking and fraud have also risen to over USD 685 million in Q3, marking a 60 percent increase from approximately USD 429 million during the same period last year.
CEO of ImmuneFi, Mitchell Amador, stated that Q3 witnessed the highest losses of the year, driven by large-scale attacks such as those on Mixin Network and Multichain. He noted that state-sponsored actors played a significant role and were suspected in several cases during the quarter.
The two recent largest exploits, a USD 200 million hack of Mixin Network and a USD 126 million hack of Multichain, accounted for nearly half of the total losses during the quarter.
South Korean officials have attributed the Mixin hack to North Korean-sponsored hackers known as the Lazarus Group. The Lazarus Group is also suspected of being behind major breaches on crypto exchanges CoinEx, Alphapo, and Stake, as well as digital payment company CoinsPaid during the same quarter.
This surge in incidents underscores the growing sophistication of hacker groups targeting blockchain projects and the complexity of the smart contract code underlying many DeFi applications."
#dyor #DeFiChallenge #crypto2023
Blockchain security firm, ImmuneFi, has reported a staggering 153 percent increase in crypto hacking incidents during the third quarter of 2023 compared to 2022. The number of incidents has surged to 76, up from just 30 during the same period last year.
Losses due to hacking and fraud have also risen to over USD 685 million in Q3, marking a 60 percent increase from approximately USD 429 million during the same period last year.
CEO of ImmuneFi, Mitchell Amador, stated that Q3 witnessed the highest losses of the year, driven by large-scale attacks such as those on Mixin Network and Multichain. He noted that state-sponsored actors played a significant role and were suspected in several cases during the quarter.
The two recent largest exploits, a USD 200 million hack of Mixin Network and a USD 126 million hack of Multichain, accounted for nearly half of the total losses during the quarter.
South Korean officials have attributed the Mixin hack to North Korean-sponsored hackers known as the Lazarus Group. The Lazarus Group is also suspected of being behind major breaches on crypto exchanges CoinEx, Alphapo, and Stake, as well as digital payment company CoinsPaid during the same quarter.
This surge in incidents underscores the growing sophistication of hacker groups targeting blockchain projects and the complexity of the smart contract code underlying many DeFi applications."
#dyor #DeFiChallenge #crypto2023