Crypto Hacks In 2023: $685 Million Stolen In 3 Months

According to a report by Web3 platform security firm Immunefi, $685.5 million was stolen by hackers in the crypto sector in the third quarter of 2023. Year-to-date, losses involving hacks and scams total nearly $1.4 billion. Lazarus Group is notably placed at the top of the list in crypto hacking targeting certain protocols and blockchains.

July, August, September: the worst quarter of 2023 for crypto hacks

Crypto hacks are just as old as the ecosystem itself, but hackers are becoming increasingly active and effective: the third quarter of 2023 was a nightmare. Indeed, crypto hackers managed to steal almost $685.5 million during July, August and September. These losses brought the total funds stolen this year to $1.4 billion in crypto, informs visit Immunefi company.

The 685.5 million stolen in the third quarter of 2023 represents an increase of 59.9% on the previous quarter. In fact, the equivalent of $428.7 million had been hacked in April, May and June 2023.

The largest hack in the third quarter of 2023 affected Mixin Network. Remember that Mixin Network recently lost 200 million dollars. As a result of this hack, the company is unable to return funds to users, who will be satisfied with just half of their stake. Other hacks, such as Multichain or CoinEx are among the top 10 attacks recorded in quarter 3 of 2023.

crypto hack in 2023, coinpri

Lazarus Group is the world’s largest hacker group

Immunefi also indicates the alleged perpetrators of the hacks. Unsurprisingly, it is the Lazarus Group, supported by the North Korean authorities. Indeed, Lazarus Group was responsible for four hacks in the third quarter : CoinEx, Alphapo, Stake and CoinsPaid.

Thanks to his criminal activities, Lazarus Group managed to steal $208.6 million in the third quarter of 2023. This represents 30% of all funds stolen during this quarter.

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Hacks made by Lazarus Group in the third quarter of 2023

DeFi, Ethereum chain and BNB chain vulnerable to hacks

Overall, the DeFi sector was highly vulnerable to hacks in the third quarter of 2023. Indeed, DeFi platforms lost $499.8 million in July, August and September 2023. These losses accounted for 72.9% of funds lost in the third quarter. Centralized platforms lost $185.7 million, 27.1% of all losses.

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Certain blockchains were the preferred target of hackers during this third quarter of 2023. According to data fromImmunefi, Ethereum was the most targeted network. It recorded 35 of the 76 incidents, or 42.7% of losses. BNB Chain suffered 25 incidents, or 30.5% of losses.

Immunefi’s report shows just how much the crypto ecosystem is still being targeted by malicious individuals. It is therefore important not to make the economics of safety in the crypto industry.