{"id":166722,"date":"2023-10-02T19:11:39","date_gmt":"2023-10-02T13:41:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=166722"},"modified":"2023-10-02T19:11:39","modified_gmt":"2023-10-02T13:41:39","slug":"investors-lost-686-million-last-quarter-to-hacks-fraud-immunefi-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/investors-lost-686-million-last-quarter-to-hacks-fraud-immunefi-crypto-news\/","title":{"rendered":"Investors Lost $686 Million Last Quarter to Hacks, Fraud: Immunefi – Crypto News"},"content":{"rendered":"
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The last quarter was this year\u2019s worst in terms of dollars lost to hacks and frauds, says a new report.<\/p>\n

Crypto investors lost $685.5 million in Q3 2023, up 59% from $428 million year-over-year, according to a report by Immunefi, a bug bounty and security services platform, shared with Decrypt<\/i>.<\/p>\n

The stolen amount marks a 55.7% increase from Q1 2023<\/a> and a 158.2% surge compared to the second quarter<\/a>.<\/p>\n

Two hacks in Mixin Network<\/a> and Multichain<\/a> accounted for nearly half of the total amount stolen, with a total of $326 million between them.<\/p>\n

Moreover, in Q1 2023, 40.5% of the stolen amount was recovered through two specific instances Euler Finance<\/a> and SperaxUSD<\/a>.<\/p>\n

The recovery rate fell dramatically this past quarter to 8.9% of the total losses in Q3 2023, with only $61.1 million having been recovered.<\/p>\n

North Korean hacker cell Lazarus Group was responsible for $208,600,000 stolen, representing 30% of the total losses in Q3 2023, in Immunefi\u2019s report.<\/p>\n

The group was allegedly behind the high-profile attacks on CoinEx<\/a>, Alphapo<\/a>, Stake<\/a>, and CoinsPaid.<\/p>\n

\u201cState-backed actors played a crucial role as they were allegedly behind several cases this quarter. Their particular focus on CeFi led to a sharp surge in losses within this sector,\u201d said Mitchell Amador, Founder and CEO at Immunefi, referring to attacks by the Lazarus group.<\/p>\n

<\/p>\n

High-activity chains are \u2018prime targets\u2019<\/h2>\n

The DeFi<\/a><\/span> sector was hit worse than its centralized counterparts, with DeFi representing 72.9% of the total losses, while CeFi hacks like CoinEx and Aplhapo accounted for 27.1% of the total.<\/p>\n

Ethereum, BNB Chain, and Coinbase-incubated Base blockchain were among the \u201ctop of targeted chains\u201d by hackers.<\/p>\n

An Immunefi analyst told Decrypt<\/i> that bad actors target blockchains where \u201cmore funds are at stake and the activity is high.\u201d<\/p>\n

Airdrop farming hype across \u201cnew networks and token releases\u201d has also made these new chains \u201cprime targets\u201d for \u201cfraudulent schemes such as rug pulls,\u201d Immunefi analysts added.<\/p>\n

Airdrop farming is a strategy used by crypto users to receive tokens from a new blockchain or application, distributed to community members retroactively.<\/p>\n

A rug pull is a scam event where a team developing or managing a project steals users’ funds deposited into the project\u2019s liquidity pools.<\/p>\n

The number of incidents rose from 63 in the last quarter and 73 in Q1 to 76 independent incidents in Q3 2023.<\/p>\n

The number also marked an increase of 153% year-over-year.<\/p>\n

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<\/p>\n

Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The last quarter was this year\u2019s worst in terms of dollars lost to hacks and frauds, says a new report. Crypto investors lost $685.5 million in Q3 2023, up 59% from $428 million year-over-year, according to a report by Immunefi, a bug bounty and security services platform, shared with Decrypt. The stolen amount marks a […]<\/p>\n","protected":false},"author":2,"featured_media":166723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-166722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=166722"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166722\/revisions"}],"predecessor-version":[{"id":166725,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166722\/revisions\/166725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/166723"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=166722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=166722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=166722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}