The crypto market may have failed to post a bullish breakthrough in September, but that did not stop malicious entities from stealing funds.
According to the latest stats by CertIK, approximately $332 million in various digital assets has been lost to exploits, hacks, and scams in September
September Sees Record-Breaking Losses
Funds pilfered by exit scams were recorded to be around $1.9 million, while flash loans accounted for almost $0.4 million. Crypto-related exploits, on the other hand, stood at a whopping $329.8 million, according to the latest infographic shared by the blockchain intelligence platform.
CertiK attributed the largest portion of this month’s losses to the September 23rd attack on the Mixin Network, a Hong Kong-based decentralized cross-chain transfer protocol. This breach resulted in a $200 million loss, primarily due to a security breach within its cloud service provider.
Combining all the incidents in September we’ve confirmed ~$332M lost to exploits, hacks and scams.
Exit scams were ~$1.9M
Flash loans were ~$0.4M
Exploits were ~$329.8M
See more details below
pic.twitter.com/DMFN9LWU8V
— CertiK Alert (@CertiKAlert) September 30, 2023
CoinEX suffered the second-largest major attack with $53.1 million in losses. North Korea’s notorious state-backed Lazarus Group was speculated to have orchestrated the attack. Other major incidents for the month were Stake.com and crypto exchange HTX, which are trailing closely behind with $41 million and $7 million, respectively, in losses.
Q3 Worst Hit By Crypto Exploits
Zooming out, September not only topped in crypto-related exploits but also solidified the third quarter as the worst-hit period for the crypto industry in terms of losses. According to another blockchain security firm, Beosin’s Global Web3 Security Report, crypto projects lost approximately $889 million to hacks, phishing scams, and rug pulls in Q3.
There were 43 significant attacks that led to a total loss of roughly $540.16 million. Within this, phishing scams contributed to losses of about $66.15 million, while 81 rug pulls resulted in a combined loss of approximately $282.96 million.
In Q3, the losses surpassed the cumulative total for the first two quarters of 2023. They amounted to approximately $330 million in Q1 2023 and $333 million in Q2 2023, ultimately soaring to $889.26 million in Q3.
DeFi continues to be the most targeted sector, with 29 attacks comprising 67.4% of the total incidents. Among various project types, public chains experienced the greatest losses, with Ethereum bearing the brunt, accumulating losses of $227 million. Ethereum also endured the highest frequency of attacks, totaling 16 incidents.
Additionally, there were 9 instances of private key compromises during this quarter, resulting in the most substantial losses among attack types, reaching $223 million.
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