Exploits, hacks and scams stole almost $1B in 2023: Report

A recent report from blockchain security firm CertiK has revealed that malicious actors operating in the cryptocurrency space have managed to steal almost $1 billion in digital assets so far in 2023. In the month of August alone, victims fell prey to hacks, scams, and exploits that resulted in losses of over $45 million.

August losses breakdown

The report highlighted that exit scams accounted for approximately $26 million in losses, while flash loan attacks and exploits took $6.4 million and $13.5 million respectively. These incidents contributed to the total losses of over $45 million in August.

Notable incidents that took place in August include the Zunami Protocol attack, which resulted in $2.2 million in losses, the Exactly Protocol exploit with $7.3 million lost, and the PEPE coin withdrawal incident which led to losses of $13.2 million.

Nearly $1 billion lost in 2023

According to CertiK, the total losses to exploits, hacks, and scams in 2023 have surpassed $997 million. This includes $261 million lost to flash loan attacks, over $137 million lost to exit scams, and more than $596 million lost to exploits.

While the losses in August remain high, they are significantly lower compared to the previous month. In July 2023, Web3 data outlet De.Fi recorded total losses of around $486 million, with the Multichain exploit alone contributing $231 million to the overall amount lost.

Halting of operations by Multichain

The Multichain project officially announced the shutdown of its operations on July 14, citing the lack of funding and the absence of alternative sources of information. The team stated that they were unable to contact their CEO, who had been taken into custody by Chinese authorities.