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$1.25B Heist: Web3’s Ongoing Plunder

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ByMarcel Bich

Sep 18, 2023
$1.25B Heist: Web3's Ongoing Plunder
Marcel Bich
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In 211 occurrences in 2023, the Web3 sector suffered losses totaling more than $1.25 billion. Immunefi reported that this is the case.

The investigation claims that $23.4 million was stolen from Web3-projects by thieves in August. The blockchain Base, which was only introduced on August 9 and has already been the target of four attacks, is also under attack.

The most attacks have been made against the Ethereum blockchain, with five incidences documented across all network protocols. With attacks on LeetSwap, SwirlLend, Magnate Finance, and RocketSwap, Base experienced four incidents in addition to the BNB network. These three networks collectively accounted for 62% of all August network outages.

Optimism suffered two occurrences, which amounted for 9.5% of total losses; in contrast, Arbitrum, Solana, Avalanche, Fantom, and Linea each had one event, which combined accounted for 28.7% of losses.

DeFi is a Top Target for Hackers

Hacker assaults made up 67.7% of occurrences in August, costing $15.8 million in losses, of which fraud was responsible for $7.6 million, or 32.3%.

Attackers mostly targeted Decentralized Finance (DeFi) systems; centralized platforms avoided being exploited at this time.

Compared to CeFi, DeFi will continue to be the most popular exploit target in August 2023. DeFi accounts for all losses in full, whereas CeFi has not had any significant hacks, the research says.

2023 Overtakes 2022 in the Number of Attacks

168 instances of hacking and hacker assaults were reported last year, according to Immunefi experts. The outcome was a $3.77 billion loss for the Web3 sector from 2022 to 2023.

The majority of that money was lost by four distinct projects: FTX, Wormhole, BNB Chain, and Ronin Network. The loss in 2022, however, was 51.2% lower than the $8.08 billion that hackers and scammers took in 2021.

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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.