Hackers intensified their efforts to hack cryptocurrency projects in the past year and mostly had DeFi in their crosshairs, according to a new report from Immunefi. The report, compiled by the bug bounty platform Immunefi, found that overall hacks across blockchains went up by 63% in the second quarter of 2023 compared to the same period last year. Though total losses were down 60% from last year, ImmuneFi warned that the overall number of hacks has increased by 65% and losses from fraud rocketed up by 225%. Immunefi found that the majority of the attacks were conducted against DeFi platforms, which lost $228 million in Q2 across 79 separate incidents. In contrast, centralized platforms lost $37 million in the quarter across two incidents. According to Immunefi, most of the crypto losses originated from two specific incidents—the June 3 hack of Atomic Wallet and the May 23 exit scam by the now-defunct Fintoch platform.
Full report : DeFi Traders Lost $228 Million to Hackers in 3 Months.
While these are the largest cryptocurrency hacks that have happened in the second quarter of 2023, OODA has been compiling a comprehensive Web3 incident database based on our research to categorize what compromises are taking place as well as document the root causes that plague Cryptos, DeFi, NFTs, and Web3 in general. Tracking root causes provides comprehensive insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks. You can access the OODA comprehensive Crypto Incident tracker here.
