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Blockchain security company Beosin has published a detailed report on security issues in the crypto industry that occurred in the third quarter of 2023. Due to various security problems, there was an approximate loss of $889 million in the third quarter. The majority of the total loss occurred in decentralized finance protocols.
Security Concerns in the Crypto Industry are Growing
With the increasing global popularity of blockchain technology and cryptocurrencies in recent years, security issues in the crypto ecosystem have also increased. Especially in recent months, numerous decentralized finance (DeFi) protocols have become the focus of various cyber attacks.
Due to the increasing security problems in the crypto industry, significant losses worth millions of dollars have occurred in this process. Beosin, a blockchain security company, evaluated the security issues that occurred in the third quarter of the year in its report titled “Global Web3 Security Report”.
According to the report, cyber attacks, rug pull incidents, and various phishing scams resulted in crypto projects facing a loss of approximately $889 million in the third quarter of 2023. The $200 million loss in Mixin Network, the $8 million loss in Curve Finance and HTX exchange (formerly known as Huobi Global), were the largest scale losses during this period.
Approximately $889 Million Loss in the Third Quarter
Security issues in the crypto industry significantly increased in the third quarter of the year. According to Beosin’s Global Web3 Security Report, crypto projects faced losses of $330 million and $333 million in the first and second quarters respectively due to various security issues, while this number rose to approximately $889 million in the third quarter.
The largest scale losses within the approximately $889 million loss occurred in decentralized finance protocols. The largest scale loss was the $200 million loss in Mixin Network. The report also highlighted which blockchain networks experienced the most losses due to cyber attacks, rug pull incidents, and various phishing scams. Ethereum ranked first, BNB Chain ranked second, and Arbitrum ranked third.
A significant portion of the losses, close to $889 million, faced by crypto projects could not be recovered. Beosin, the blockchain security company, stated in the report that only 10% of the funds seized by attackers were recovered.
