Web3 Industry Lost $656 Million in H1
In the first half of 2023, the Web3 industry took a real hit, losing a whopping $656 million to hackers, phishing scams, and those sneaky rug pulls we all hate. The Beosin Web3 security report spilled the beans on this unfortunate news. Now, let’s break it down for you:
- Hackings alone accounted for a massive $471 million, making up about 72% of the total losses. Those hackers sure know how to make a quick buck.
- Phishing scams weren’t far behind, contributing to almost 17% of the total losses. They managed to snatch a cool $108.3 million. Watch out for those fishy emails, folks.
- And who can forget about those rug pulls? They caused a dent in decentralized finance, taking away a not-so-small sum of $75.87 million.
But wait, it gets worse. Let’s talk about the biggest hits of the year:
- The Euler Finance hack takes the crown, resulting in a loss of a staggering $197 million. Blame it on those North Korea-backed cybercriminals.
- Atomic Wallet wasn’t spared either. Hackers managed to snatch $67 million, making it the second-largest hit so far.
Most Rug Pulls Occur on the BNB Chain
Comparing the losses to previous years, 2022 was a real nightmare, with hackers stealing a whopping $1.9 billion in the first half. In 2021, they were a bit more modest, taking only $375.5 million.
So, who are the big losers here? The decentralized finance projects take the cake, with a total loss of $292.6 million. The most common type of attack was through contract vulnerability, resulting in a hefty $264.1 million loss. But the criminals didn’t stop there. They also used tactics like arbitrage attacks, private key compromises, and misconfiguration.
Now, let’s talk rug pulls. Brace yourself, because things got messy:
- Most rug-pulling incidents happened on the BNB Chain, with a staggering 80 cases. This chain alone suffered a loss of $53.4 million in digital assets.
- Ethereum blockchain wasn’t far behind, with the next highest number of rug pulls.
- Surprisingly, the Dogecoin chain only had one such incident. Maybe those cute doggies are better at security than we thought.
So, there you have it, folks. The Web3 industry took a major hit in the first half of 2023, losing a massive amount of money. It’s a tough reminder that we need to stay vigilant and keep our guards up in this digital world.
Hot Take: The Web3 industry needs to step up its security game if it wants to protect itself and its users from these relentless cybercriminals. It’s time to tighten those defenses and make sure our hard-earned money stays safe.
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