• Sun. Aug 20th, 2023

$656M Were Stolen by Hackers from the Crypto Market in the First Half of 2023

Jul 21, 2023
Hackers Stole $656M Crypto Market in H1 2023
Marcel Bich

The stolen property has already been found to be worth about $215 million. According to a research by security software firm Beosin that was released on June 30, the entire worth of cryptocurrencies lost through fraud, hacking, and theft in the first half of 2023 was $656 million. 

The Report

Criminals committed 110 rag pulls, 108 assaults on protocols, and many phishing schemes, stealing $471.43 million, $75.87 million, and $108 million, correspondingly. 

Compared to previous year, the aggregate cost of burglaries has decreased dramatically. For contrast, it topped $1.9 billion in the first half of 2022. 

The attackers gave back around $215 million, or 45.5% of all stolen assets, according to Beosin experts. Transfers of $113 million were made to Tornado Cash and other cryptocurrency mixers.

The Reasons of Such Attacks

75.6 percent of the coins lost in the first half of 2023 were on the Ethereum network. Assets released on the Binance Smart Chain network came in second. 56% of the assaults happened as a result of a flaw in smart contracts, while 21.4% had no obvious root cause.