Hackers and scammers continue to exploit security vulnerabilities. The Web3 world continues to fight against cyber threats in 2023. According to the latest reports and reviews on Web3, decentralized internet users experienced a loss of $890 million due to various cyber incidents in the third quarter of 2023. This concerning situation once again highlights the need for enhanced security measures in the rapidly evolving world of blockchain technology.
Millions of Dollars Lost!
The losses that occurred in the third quarter of 2023 can be examined under three important categories: rug pulls, computer hacking attacks, and phishing attacks. In addition, the Web3 community faced a total of approximately 81 reported rug pulls, resulting in a significant loss of around $280 million.
In the case of computer hacking attacks, approximately 43 hacker attacks occurred, resulting in an incredible loss of around $540 million. On the other hand, phishing scams, known for their deceptive tactics, dealt a significant blow to users by causing a loss of approximately $66.15 million.
These incidents reveal the persistent efforts of malicious individuals to bypass the defense of Web3. Additionally, cryptocurrency scams highlight the need for ecosystem assessment and improvement of security practices.
Current Situation in Crypto Attacks
Multiple attacks that have plagued the cryptocurrency world have raised concerns about security in the crypto asset space. Meanwhile, Synapse (SYN), a DeFi platform, experienced a devastating rug pull incident on September 5th. In this incident, an anonymous liquidity provider sold approximately 9 million SYN tokens, causing a dramatic drop in SYN’s value by depleting the liquidity of stablecoins on the bridge.
In another incident, Dune, a blockchain analysis platform, revealed that North Korea and possibly the world’s largest hacker organization, Lazarus Group, possessed stolen Bitcoin worth an astonishing $40 million. Additionally, on September 25, 2023, Huobi, also known as HTX, reported a loss of 5,000 ETH in a hacking incident. This further heightened concerns about security vulnerabilities in crypto exchanges.
Furthermore, it was revealed that CoinEx, one of the leading cryptocurrency exchanges, fell victim to a hacking attempt in early September. The attack resulted in the seizure of over $27.8 million in assets from wallets associated with ETH, TRON, and Polygon.
