Crypto Exploits Reach Record High in September 2023
September 2023 has marked the worst month of the year for crypto-related exploits, with a staggering $329.8 million stolen. The most significant incident contributing to this total was the Mixin Network attack on September 23, where the cross-chain transfer protocol lost $200 million due to a breach of its cloud service provider.
Major Incidents and Suspected Culprits
Other notable attacks in September include the CoinEx exchange and Stake.com, resulting in losses of $53 million and $41 million, respectively. The Lazarus Group, a North Korean hacking collective, has been identified as the likely perpetrator for both incidents. Dune Analytics reports that the group currently holds $45.6 million in crypto assets.
Total Losses and Types of Attacks
The overall amount lost to exploits in 2023 has now reached $925.4 million, with July being the second-highest month at $285.8 million. In addition to exploit losses, there were also exit scams totaling $1.9 million, flash loan attacks amounting to $400,000, and phishing attacks resulting in $25 million in losses during September.
Losses in Q3 2023
In the third quarter of 2023 alone, losses from hacks, phishing scams, and exit scams amounted to just under $890 million. This figure surpasses the combined losses from the first two quarters ($330 million in Q1 and $333 million in Q2). These findings were reported by blockchain security firm Beosin.
Hot Take: Crypto Exploits Remain a Major Threat
The surge in crypto-related exploits during September highlights the ongoing vulnerability of the cryptocurrency ecosystem. Despite efforts to enhance security measures, hackers and scammers continue to find ways to exploit weaknesses. As the value of cryptocurrencies rises, so does the incentive for malicious actors to target them. It is crucial for individuals and platforms in the crypto space to remain vigilant and implement robust security protocols to protect their assets.
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