Crypto scammers and hackers stole $889m in Q3 2023

Crypto scammers and hackers stole $889m in Q3 2023

In Q3 2023, the crypto industry lost $889.3 million to hacks, scams, and rug pulls, more than cumulative losses in H1. Beosin experts say that $540.16 million were lost in 43 cyber attacks; $282.96 million and $66.15 million were lost in 81 rug pulls and phishing scams.

In total, 29 attacks targeted decentralized finance (defi) protocols, which made up 67.4% of all exploits. The largest loss was from the Mixin Network hack, where $200 million was lost.

Curve, CoinEx, Alphapo, and Stake also suffered significant losses. As for rug pulls, Multichain, Bald, and Pepe were the most affected, with losses ranging from $15.5 million to $210 million.

In recent attacks, hackers have caused significant damage to Ethereum and BNB Chain protocols, losing $227 million and $37.4 million, respectively. 

Only 10% of the stolen assets have been recovered.

Crypto ransomware attacks increased in H1 2023. However, the amount of money going to crime-related crypto addresses decreased by 65%. 

In H1 2023, there was a significant decrease of $5.2 billion in crypto inflows used to facilitate criminal activity compared to the same period in 2022. Despite this, attackers received $175.7 million more from extortion by June 2023 than in H1 2022.

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