The cross-chain protocol of the Mixin Network was responsible for approximately two-thirds of the losses incurred in crypto exploits during September.
September 2023 has emerged as the most challenging month for crypto-related exploits. It witnessed a staggering $329.8 million in crypto theft.
On October 2nd, the blockchain security firm CertiK reported that the Mixin Network attack on September 23rd was the main cause of the total losses for the month.
Combining all the incidents in September we’ve confirmed ~$332M lost to exploits, hacks and scams.
Exit scams were ~$1.9M
Flash loans were ~$0.4M
Exploits were ~$329.8M
See more details below 👇 pic.twitter.com/DMFN9LWU8V
— CertiK Alert (@CertiKAlert) September 30, 2023
During this incident, a breach in its cloud service provider occurred. As a result, the Hong Kong-based decentralized cross-chain transfer protocol lost a staggering $200 million.
In August, notable incidents occurred within the month involving the CoinEx exchange and Stake.com. These unfortunate events resulted in considerable financial losses amounting to $53 million and $41 million, respectively.
Lazarus Group: $1.34 Billion Crypto Losses in 2023
According to reports, the Lazarus Group, a hacking collective from North Korea, has been identified as responsible for both attacks. Recent data from Dune Analytics reveals that the group currently possesses $45.6 million in cryptocurrency assets.
The attack resulted in a yearly total of $925.4 million lost to crypto exploits. In terms of exploit losses, July ranked as the second-highest month, with $285.8 million stolen.
As stated by CertiK, various cyberattacks plagued the cryptocurrency space throughout the month. Exit scams accounted for a loss of $1.9 million, while flash loan attacks caused a dent of $400,000.
Moreover, phishing attacks resulted in an additional loss of $25 million. The cumulative damage sustained in 2023 from exploits, scams, and hacks reached a staggering $1.34 billion.
In the third quarter, losses exceeded the combined losses of the previous two quarters. These losses amounted to $330 million in Q1 and $333 million in Q2, According to a recent Beosin study.
The total losses from hacks, phishing scams, and rug pulls in Web3 reached $889.26 million in Q3 2023.
Losses in Q3 even exceeded the combined sum of the first two quarters ($330 million in Q1 and $333 million in Q2).
— Beosin Alert (@BeosinAlert) September 27, 2023
RelatedReading | Chainlink’s Cross Chain Protocol (CCIP) Goes Live On Base
Blockchain security firm Beosin reported losses totaling just under $890 million during the third quarter of 2023. Hacks, phishing, and exit scams caused these losses.