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Crypto Fraudsters Managed To Steal $889 Million In The Q3 Of 2023

Crypto Fraudsters Managed To Steal $889 Million In The Q3 Of 2023


Beosin EagleEye shared a report that shows that the Web3 sector's losses from hacks, rug pulls, and scams totaled $889 million. This figure exceeds the combined losses in Q1 and Q2 2023 of $330 million and $333 million, respectively.

Beosin EagleEye estimated that there were totally 43 cyberattacks that resulted in the loss of $540.16 million dollars during the period. 81 rug pulls resulted in a loss of $282.96 million dollars and phishing attacks resulted in a loss of $66.15 million dollars.

The DeFi sector was the most affected, accounting for 67.4% of all attacks. Most of the affected projects were based on Ethereum. A total of $227 million dollars was stolen. Ethereum is followed by BNB Chain with losses of $37.4 million. There were 9 cases of private key compromise. Mixin Network protocol suffered the biggest losses ($200 million). Curve, CoinEx, Alphapo and Stake also suffered significant losses.

Multichain, Bald and Pepe projects suffered the most from rug pulls. Losses in some cases reached 210 million dollars.

The report also analyzed some attack cases. On July 25, an exploit in Eralend, which resulted in inconsistent loan-to-value and liquidation value calculations, allowed a fraudster to steal $3.4 million. And on July 31, there was an attack on Curve that resulted in fraudsters stealing about $73 million. Of that, $52.3 million was recovered. 

Interestingly, only 10% of the total value of stolen funds was recovered in the third quarter. Beosin EagleEye links this small percentage to increased attacks by the Lazarus hacker group, which skillfully used money laundering schemes. However, the North Korean hacker group stole a total of $208 million during the third quarter.

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