$889,260,000 in Crypto Lost to Hacks, Scams and Rug Pulls in Q3 of 2023, According to Blockchain Security Firm

Web3 security company Beosin EagleEye says that there was a drastic increase in illicit crypto activities during the third quarter of 2023.

In the July to September quarter, the “total losses from hacks, phishing scams, and rug pulls in Web3 reached $889.26 million” with hacks or major attacks constituting about 60% of the losses, according to Beosin EagleEye.

“Among them, 43 major attacks resulted in a total loss of approximately $540.16 million. Phishing scams accounted for a total loss of approximately $66.15 million, and there were 81 rug pulls with a total loss of approximately $282.96 million.”

The third-quarter losses were approximately 34% higher than the combined losses incurred during the first and second quarters of 2023.

“The losses in Q3 2023 exceeded the total for the first half of 2023. The losses were about $330 million in Q1 2023 and $333 million in Q2 2023, while reaching $889.26 million in Q3.”

Beosin EagleEye says North Korean hackers the Lazarus Group stole more than “$208 million across four attack incidents, posing the biggest threat to Web3 security this quarter.”

The security incident involving the decentralized cross-chain trading network Mixin days ago “took up 37% of the total losses for the quarter,” according to the blockchain security firm.

Beosin EagleEye further says that based on the blockchain, Ethereum (ETH) recorded $227 million in losses from security incidents, the highest amount by any chain.

“Ranking second in losses was Mixin Network, with a single event causing $200 million in losses, ranking it second among blockchains.

Ethereum and Mixin combined accounted for 79% of total losses.”

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