Web3 Industry Losses Topped $656 Million in H1 of 2023 — Study

Hackers stole astir $471 cardinal successful the archetypal six months of 2023 and the theft of $197 cardinal from Euler Finance successful March was the azygous biggest hacking incidental successful the period, the latest Beosin Web3 study has shown. Contract vulnerability was the astir communal (60) benignant of onslaught during the play with losses of $264.1 million. The information indicates that astir of the rug-pulling incidents occurred connected the BNB Chain (80) and integer assets worthy $53.4 cardinal were mislaid successful the play nether review.

Web3 Industry Lost $656 Million successful H1

In the archetypal fractional of 2023, the Web3 manufacture mislaid arsenic overmuch arsenic $656 cardinal to hackers, phishing scams and the alleged rug pulls, the latest Beosin Web3 information report has said. As shown successful the report, hackings unsocial accounted for astir $471 million, astir 72% of the full losses. Phishing scams accounted for astir 17% of the full losses ($108.3 million) portion rug pulls, which rocked decentralized concern successful 2021, accounted for the remaining $75.87 million.

The $197 cardinal hack connected Euler Finance, which was blamed connected North Korea-backed cybercriminals, is the biggest successful 2023 truthful far. On June 3, Bitcoin.com News reported an onslaught connected Atomic Wallet and astatine the clip it was believed that hackers had siphoned arsenic overmuch arsenic $35 million. However, according to the Web3 report, the full funds mislaid successful the Atomic Wallet hacking is successful information $67 cardinal which makes this the 2nd largest truthful far. In the remainder of the apical 8 hacking successful the H1 of 2023, cybercriminals are believed to person made disconnected with $25 cardinal oregon less, the study information shows.

Most Rug Pulls Occur connected the BNB Chain

When compared to the hacking losses successful anterior H1s, the study information shows that cybercriminals stole much successful the archetypal six months of 2022, astir $1.9 billion. In 2021, hackers stole less, astir $375.5 million.

The study information besides shows that a full of 85 decentralized concern (defi) projects relationship for the biggest information of the losses — $292.6 million. Contract vulnerability was the astir communal (60) benignant of onslaught during the play with losses of $264.1 million. Arbitrage attacks, backstage cardinal compromises, and misconfiguration were the different communal tactics utilized by criminals.

Meanwhile, the information indicates that astir of the rug-pulling incidents occurred connected the BNB Chain (80) and integer assets worthy $53.4 cardinal were mislaid successful the play nether review. The Ethereum blockchain had the adjacent highest fig of rug-pulls portion the Dogecoin concatenation lone had 1 specified incident. According to the data, Fontech, which mislaid successful excess of $30 million, was the apical rug-pulled task successful the archetypal six months of 2023.

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