Crypto Loses $1.2 Billion To Hacks And Rug Pulls In First Eight Months, Report Says

The crypto business misplaced $1.2 billion to hacks and rug pulls within the first eights months by way of 211 incidents, says a brand new report.

Hacks accounted for a considerable 67.7% of the losses, whereas fraud was accountable for the remaining 32.3%, stated the report by Immunefi, which calls itself a bug bounty platform for Net 3 and sensible contract safety.

Crypto Losses Reached $23 Million in August

August noticed losses of greater than $23 million, considerably down on greater than $320 million in July, the report stated. Hacks continued to be the predominant explanation for losses in August, accounting for nearly $16 million, it stated. Fraud accounted for the rest throughout 4 incidents. 

Since its launch in early August, Coinbase-backed Base protocol has witnessed losses throughout 4 tasks, sharing the highest slots amongst focused chains with Ethereum and BNB Chain, the report stated.

Ethereum took the toughest hits, experiencing 5 separate incidents that made up 24% of the entire losses amongst these focused chains. In the meantime, Base and BNB Chain every encountered 4 incidents, contributing to 19% of the losses individually.

Ethereum, Base, and BNB Chain collectively represented over half of the losses in August.  Arbitrum, Solana, and Avalanche skilled one incident every, contributing 4.8% every to the entire losses.

Different chains, together with Fantom and Linea, represented 14.3% of the entire chain incidents, every with a single incident to their identify.

All of the losses in August got here by way of 17 incidents towards decentralized finance (Defi) platforms whereas Centralized Finance (CeFi) platforms held robust, the report stated.

Supply: Immunefi

DeFi Platforms Hit by Main Assaults

There have been assaults on two decentralized finance (DeFi) platforms Precisely and Harbor on Aug. 18. These assaults have been reported by blockchain safety corporations DeDotFi and PeckShield.

Within the first assault on Precisely Protocol, the hackers stole 4,323.6 Ether (ETH), which was value almost $7.3 million at the moment. They then moved 1,490 ETH by way of the Throughout Protocol and a pair of,832.92 ETH to the Ethereum community utilizing the Optimism Bridge.

Replace: After a radical assessment of the Precisely Protocol Hack, we’ve concluded that the entire of stolen quantity updated is ~$7.2M (4323.6 $ETH)

Finally, they bridged ~1490 $ETH, utilizing Throughout Protocol, and a pair of,832.92 $ETH to Ethereum by way of Optimism Bridge:… https://t.co/s61ai1OEMd

— De.Fi 🛡️ Web3 Antivirus (@DeDotFiSecurity) August 18, 2023

In a separate incident, the interchain stablecoin protocol Harbor was additionally attacked. This resulted in losses from its stablecoin creation and varied vaults that held stOSMO, LUNA, and WMATIC. 

The precise quantity stolen continues to be unknown, and Harbor is actively attempting to trace the stolen funds and assess the complete extent of the losses. 

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