Q1 2023 Report: $656M Stolen in Crypto Scams and Hacks

According to a June 30 report from security firm Web3 Beosin, the total value of cryptocurrencies lost to fraud, hacking, and hacking is $656 million in the first half of 2023.

Q1 2023 Report: $656M Stolen in Crypto Scams and Hacks

This includes losing $471.43 million in 108 protocol attacks, $108 million in various fraud schemes, and $75.87 million in 110 rug drawings. For hacking, the amount represented a significant decrease from the first half of 2022 and the second half of 2022, with losses of $1.91 billion and $1.69 billion, respectively. In addition, Beosin researchers wrote:

“ Approximately $215 million of the stolen property has been recovered, representing 45.5% of all stolen assets. In contrast, in 2022, only 8% was achieved. A total of $113 million was transferred to mixers: $45.38 million in Tornado Cash and $68.14 million in other mixers. ”

In Beosin's dashboard and footprint analysis, only one project has netted more than $100 million, namely the $195 million Euler Finance flash loan hack on March 13. The company opened for takeover on April 12 after the raiders have returned most of the stolen assets.

The majority of cryptos lost in the first half of 2023 were coins and tokens listed on the Ethereum blockchain, at 75.6%. Meanwhile, the second most complete asset class, Binance Smart Chain tokens, is worth only 2.6%.

In addition, most stolen cryptos were lost due to smart contract vulnerabilities (56%), while 21.4% had no known reason for the loss. Nevertheless, the numbers show a significant decrease from the second half of 2021, when a record $2.1 billion worth of crypto was lost due to hacking, fraud, and pocket drawing.

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