{"id":435567,"date":"2023-09-01T09:20:12","date_gmt":"2023-09-01T09:20:12","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=435567"},"modified":"2023-09-01T16:37:45","modified_gmt":"2023-09-01T16:37:45","slug":"crypto-loses-1-2-billion-to-hacks-and-rug-pulls-in-first-eight-months-report-says","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-loses-1-2-billion-to-hacks-and-rug-pulls-in-first-eight-months-report-says","title":{"rendered":"Crypto Loses $1.2 Billion To Hacks And Rug Pulls In First Eight Months, Report Says"},"content":{"rendered":"

The crypto industry lost $1.2 billion to hacks and rug pulls<\/a> in the first eights months via 211 incidents, says a new report.<\/p>\n

Hacks accounted for a substantial 67.7% of the losses, while fraud was responsible for the remaining 32.3%, said the report by Immunefi,<\/span><\/a><\/span> which calls itself a bug bounty<\/a> platform for Web 3 and smart contract security.<\/span><\/p>\n

Crypto Losses Reached $23 Million in August<\/h3>\n

August saw losses of more than $23 million, significantly down on more than $320 million in July, the report said. Hacks continued to be the predominant cause of losses<\/a> in August, accounting for almost $16 million, it said. Fraud accounted for the remainder <\/span>across four incidents. <\/span><\/p>\n

Since its launch in early August, Coinbase-backed Base<\/a> protocol has witnessed losses across four projects, sharing the top slots among targeted chains with Ethereum and BNB Chain, the report said.<\/p>\n

Ethereum took the hardest hits, experiencing five separate incidents that made up 24% of the total losses among these targeted chains. Meanwhile, Base and BNB Chain each encountered four incidents, contributing to 19% of the losses individually.<\/span><\/p>\n

Ethereum, Base, and BNB Chain collectively represented over half of the losses in August.  Arbitrum, Solana<\/span><\/a>, and Avalanche experienced one incident each, contributing 4.8% each to the total losses.<\/span><\/p>\n

Other chains, including Fantom and Linea, represented 14.3% of the total chain incidents, each with a single incident to their name.<\/span><\/p>\n

All the losses in August came via 17 incidents against decentralized finance<\/a> (Defi) platforms while Centralized Finance (CeFi) platforms held strong, the report said.<\/p>\n

\"Crypto<\/p>\n

Source: Immunefi<\/p>\n

DeFi Platforms Hit by Major Attacks<\/span><\/h2>\n

There were attacks on two decentralized finance (DeFi) platforms Exactly and Harbor on Aug. 18. These attacks were reported by blockchain security companies DeDotFi and PeckShield.<\/span><\/p>\n

In the first attack on Exactly Protocol, the hackers stole 4,323.6 Ether (ETH)<\/span>, which was worth nearly $7.3 million at that time. They then moved 1,490 ETH through the Across Protocol and 2,832.92 ETH to the Ethereum network using the Optimism Bridge.<\/span><\/p>\n

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Update: After a thorough review of the Exactly Protocol Hack, we have concluded that the total of stolen amount up to date is ~$7.2M (4323.6 $ETH<\/a>)<\/p>\n

Eventually, they bridged ~1490 $ETH<\/a>, using Across Protocol, and 2,832.92 $ETH<\/a> to Ethereum via Optimism Bridge:… https:\/\/t.co\/s61ai1OEMd<\/a><\/p>\n

— De.Fi Antivirus Web3 🛡️ (@De_FiSecurity) August 18, 2023<\/a><\/p><\/blockquote>\n