The year 2023 was a rough one for Web3, with hackers and scammers making off with a staggering $1.8 billion in cryptocurrency. This alarming figure comes from a new report by Immunefi, a blockchain security platform.
Hackers reigned supreme, responsible for a whopping $1.6 billion of the stolen funds, while fraud, including rug pulls, amounted to a mere $103 million.
Notably, decentralized finance (DeFi) protocols bore the brunt of the attack, suffering $1.3 billion in losses, whereas centralized finance (CeFi) platforms saw only $409 million vanish.
The Maxin Network hack was the biggest one recorded with $200 millions worth of assets lost by crypto investors. Eular finance $197 million was close to it taking second place.
The report found that the North Korea-linked Lazarus Group was responsible for a significant portion of the losses, attributing 17% of the stolen funds to their activities. Approximately $309 million of losses have been identified by law enforcement as being associated with the Lazarus Group.
“These attacks highlight the ongoing security challenges faced by the Web3 space,” said Immunefi CEO Mitchell Amador. “It’s clear that more needs to be done to protect users and their funds.”
The overall stolen crypto figure seems to be shrinking. Immunefi’s report suggests a significant decline from 2022, when Chainalysis reported over $3.8 billion stolen.
Also Read: Crypto Users Lost $2B to Hacks in 2023, De.Fi Reports
