Crypto projects experienced a significant increase in financial losses during Q3 2023, amounting to $685.5 million, driven largely by major exploits on key cross-chain protocols.
The third quarter of 2023 saw a significant financial setback for the crypto industry, with reported losses amounting to $685.5 million. According to a study released today from web3 bug bounty platform Immunefi, these Q3 losses have surged by 59.9% compared to the $428.7 million recorded in Q2. Year-over-year, incidents rose by a staggering 153%.
Of the Q3 setbacks, notable exploits on cross-chain protocols – Mixin Network and Multichain – constituted almost half the total losses. These two incidents led to a loss of $326 million, with Mixin Network’s unfortunate $200 million exploit in September and Multichain’s loss of $126 million in July.
Mitchell Amador, Immunefi’s CEO, highlighted that this quarter marked the highest loss for the year, accentuating the influence of state-backed actors.
Furthermore, the North Korean-supported Lazarus Group, suspected of orchestrating attacks on platforms like CoinEx, Alphapo, Stake, and CoinsPaid, managed to abscond with a total of $208.6 million, which constitutes 30% of Q3 losses.
In terms of network vulnerability, Ethereum (ETH) bore th
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Author: Bralon Hill
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