BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Two Breaches Contribute To Majority Of Q3 Crypto Losses – Report

BlockNews Team by BlockNews Team
October 6, 2023
in Crypto, Investing, Media
Hacker-Crypto
Share on TwitterShare on Reddit
  • Immunefi report, a web3 bounty platform, reveals most of the $662,850,580 lost in crypto exploits were due to Mixin Network and Multichain.
  • The report highlighted 49 reported crypto hacks during the third quarter of 2023.
  • While DeFi losses increased by 18.5% in Q3 2023, CeFi losses skyrocketed by 3,409.14%, albeit at a much lower incident rate.

Immunefi, the leading bug bounty and security services platform for web3, has revealed in its report that various projects in the third quarter of 2023 are responsible for the majority of the $686 million in losses from crypto exploits. 

Immunefi is the largest and most widely adopted bug bounty platform in web3, which is trusted by established, multi-billion dollar projects like Chainlink, Wormhole, MakerDAO, TheGraph, Synthetix, and more. 

🚨 Q3 Crypto Losses: Two Projects, Massive Impact! πŸ“‰

Web3 bug bounty titan Immunefi reveals two major projects accounted for the lion's share of a staggering $662.85M in crypto breaches.

But which projects took the hit? πŸ”πŸ’Έ

Dive in πŸ‘‰https://t.co/zyfnlvUg6o#BeInCrypto

— BeInCrypto (@beincrypto) October 4, 2023
Via @beincrypto – X

In the report, Immunefi highlighted 49 reported crypto hacks during the third quarter of 2023. This signified a significant increase in comparison to the corresponding quarter in 2022. 

The report stated,

β€˜β€™ Most of that sum was lost to two specific projects: Mixin Network, a transactional network for digital assets, and Multichain, a cross-chain router protocol.” 

It further stated that these numbers represent a 66% increase compared to Q3 2022 when losses caused by hacks totaled $398 912 483. 

Recently, Mixin Network, a decentralized platform for peer-to-peer transactions, announced a substantial financial setbackβ€”losing around $200 million in digital currency assets. Initial investigations point to a loophole in an external cloud service provider’s database as the potential cause. 

Mixin Network suspended all money intake and outflow activities. They sought the expertise of SlowMist, a recognized authority in blockchain, and the technological prowess of Google to unravel the details of the intrusion and strategize the retrieval of the misplaced assets. A breakdown of the missing funds includes Ether (ETH) having a value of $94.48 million, Dai (DAI) tagged at $23.55 million, and Bitcoin (BTC) priced near $23.3 million. Collectively, these assets were assessed at roughly $141.32 million.

Similarly, on July 7, Multichain fell victim to a hack that saw $126 million in assets compromised. 

Mixin Network and Multichain losses in Q3, 2023. Source: Immunefi

The DeFi Sector Suffers Major Crypto Hacks

On the other hand, the blockchain security firm noted that decentralized finance (DeFi) projects suffered the most hacks during Q3, with around 67% of the breaches targeting platforms in the sector. DeFi has suffered $499,810,444 in total losses in Q3 2023 across 71 projects. This is an 18.5% increase compared to Q3 2022, when DeFi losses amounted to $423,423,783.

It is worth noting that other sectors, including blockchains, payment platforms, exchanges, casinos, and infrastructure, also faced hacking incidents during the period. 

Meanwhile, CeFi suffered $185,700,000 in total losses in Q3 2023, however, at a much lower incident rate of 5. This represents a staggering 3,409% surge compared to Q3 2022, when CeFi losses amounted to $5,294,300. 

In the most recent interview by a BeInCrypto news outlet, Amer Vohora, CEO of SwissFortress, attributes the rise in crypto exploits to outdated infrastructure. 

The CEO pointed out that the majority of transactions are still using the same receiving address as outlined in the 2008 Satoshi whitepaper, which may be a better choice given the widespread adoption of crypto.

Tags: HackImmunefiMixin Network
TweetShareShare
BlockNews Team

BlockNews Team

DON'T MISS THESE! HOT OFF THE PRESS

Coinbase Gains Market Share as Binance Faces US Legal Hurdles
Business

Coinbase Gains Market Share as Binance Faces US Legal Hurdles

December 3, 2023
Swan Bitcoin CEO Sees Bitcoin ETFs Quieting Down Crypto Marketing Noise
Breaking News

Swan Bitcoin CEO Sees Bitcoin ETFs Quieting Down Crypto Marketing Noise

December 3, 2023
Ethereum Developer Encounters Apathy from Alma Mater on Crypto Collaboration
Crypto

Ethereum Developer Encounters Apathy from Alma Mater on Crypto Collaboration

December 3, 2023
Bitcoin and Ethereum Hit New Yearly Highs and Here is Why
Breaking News

Bitcoin and Ethereum Hit New Yearly Highs and Here is Why

December 2, 2023
Around the Block
Breaking News

Around The Block: December 01 Week in News

December 2, 2023
Judge Warns of Sanctions Against SEC for Misleading Crypto Asset Claims
Breaking News

Judge Warns of Sanctions Against SEC for Misleading Crypto Asset Claims

December 2, 2023
Load More
Next Post
Sam Bankman-Fried

Sam Bankman-Fried Trial: Day 4 Updates and Testimonies

Backed finance Logo

Backed Launches Tokenized BlackRock ETF on Base Network: Transforming Traditional Assets

Digitalized Phone

The Future of Secure Communication: A New Dawn in Secure Decentralized Messaging

Related News

Tokenizing Natural Resources

Tokenizing Natural Resources: Cryptocurrencies of the Future

July 16, 2023
FTX SBF

SBF Announces Interest in Starting a new business to Pay Back his debt; Here’s Why it Could be Dead on Arrival

December 12, 2022
Roche-Freedman-Logo

Founder of Crypto Law Firm Roche Freedman, Leaves Company After Controversial Video Leak

October 28, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Coinbase Gains Market Share as Binance Faces US Legal Hurdles December 3, 2023
  • Swan Bitcoin CEO Sees Bitcoin ETFs Quieting Down Crypto Marketing Noise December 3, 2023
  • Ethereum Developer Encounters Apathy from Alma Mater on Crypto Collaboration December 3, 2023

Β© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

Β© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.