April 19, 2024
Crypto Security Alert: 2023 Sees $997 Million in Losses from Exploits, Hacks, and Scams
Latest Cryptocurrency News

Crypto Security Alert: $997 Million Lost to Exploits, Hacks, and Scams in 2023

In the month of August, malicious actors targeting the crypto space managed to seize more than $45 million in digital assets from their victims, with a year-to-date total of $997 million, as reported by CertiK, a blockchain security firm.

CertiK’s report detailed that exit scams accounted for approximately $26 million in losses, flash loan attacks resulted in $6.4 million in stolen assets, and exploits netted criminals $13.5 million from their victims in August 2023. The total losses surpassed $45 million, with notable incidents such as the Zunami Protocol attack ($2.2 million in losses), the Exactly Protocol exploit ($7.3 million), and the PEPE withdrawal incident ($13.2 million) contributing significantly.

Throughout 2023, CertiK reported that exploits, hacks, and scams collectively drained over $997 million from the crypto space. This included approximately $261 million lost due to flash loan attacks, over $137 million attributed to exit scams, and more than $596 million siphoned through various exploits. While the losses in August remained substantial, they marked a decrease compared to the previous month. In July 2023, Web3 data outlet De.Fi documented total losses of around $486 million, with the Multichain exploit alone responsible for $231 million of that total.

Multichain took the step of officially ceasing its operations on July 14 due to several contributing factors. The team cited a lack of funding for operational costs and a shortage of alternative sources of information as the primary reasons behind the shutdown. Additionally, the team noted that their inability to contact the CEO, who had been detained by Chinese authorities, further exacerbated their challenges.

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