Crypto Exploits in September 2023 Reach Record High of $329.8 Million, Pushing Annual Loss to $1.34 Billion
Summary:
September 2023 saw a record-breaking $329.8 million loss in crypto-related exploits, with a significant chunk attributed to a security breach on Mixin Network that resulted in a $200 million loss. Other notable losses include attacks on CoinEx and Stake.com exchanges, allegedly by North Korean hacker group, Lazarus. The cumulative losses for 2023, due to scams, flash loans, and exploits, have reached $1.34 billion, with Q3 losses alone nearing $890 million. The story highlights the growing concern over cybersecurity in the crypto industry.
As the largest thus far in 2023, September saw crypto exploits rising to a staggering $329.8 million. Blockchain protection company, CertiK, announced on October 2 that the lion's share of the month's losses originated from the Mixin Network assault on September 23. The Hong Kong-developed decentralized cross-chain transfer protocol experienced a security breach with its cloud service provider resulting in a $200 million loss.
September witnessed confirmed losses amounting to approximately $332 million due to scams, flash loans, and exploits with exit scams amounting to about $1.9 million, flash loans at approximately $400,000 and exploits reaching nearly $329.8 million.
Furthermore, significant losses for September include a $53 million loss from an attack on the CoinEx exchange and a $41 million loss caused by an attack on Stake.com. As noted by Cointelegraph, North Korean hacker group, the Lazarus Group, has been implicated in both incidents. Current data from Dune Analytics reveals that the group is in possession of $45.6 million in crypto assets. The year's total crypto losses due to exploits has now touched $925.4 million. July witnessed the second highest loss due to exploits with $285.8 million plundered.
Meanwhile, losses due to exit scams totaled $1.9 million, flash loan attacks incurred a $400,000 loss, and phishing attacks resulted in a loss of another $25 million in September. The cumulative losses in 2023, owing to scams, flash loans, and exploits, have now touched $1.34 billion.
According to blockchain security corporation Beosin, the total losses from exit scams, hacks, and phishing schemes were just shy of $890 million for the third quarter of 2023. This exceeds even the combined total for the first two quarters, which was $330 million in Q1 and $333 million in Q2.
Published At
10/2/2023 6:15:51 AM
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