In the first half of 2023, the Web3 ecosystem encountered significant challenges as security breaches, hacks, phishing scams, and rug pulls resulted in a staggering total loss of $655.61 million. These concerning statistics were revealed in a report by cybersecurity firm Beosin.
Out of the recorded incidents, a total of 108 attacks were reported, leading to losses amounting to $471.43 million. Phishing scams, a commonly employed tactic by malicious actors, contributed an additional $108 million to the overall losses.
Moreover, rug pulls, fraudulent activities within decentralized finance (DeFi), accounted for $75.87 million in stolen funds.
H1 2023 Web3 Security Statistics
🚨Total losses from hacks, phishing scams, and rug pulls in Web3 reached $655.61 million in the first half of 2023.
Among them,
108 attacks -> $471.43M
Phishing scams -> $108M
110 rug pulls -> $75.87M pic.twitter.com/8Q9kmDETfQ— Beosin Alert (@BeosinAlert) June 30, 2023
Despite the substantial losses, there is a glimmer of hope for the Web3 community. The total loss from attacks in H1 2023 significantly decreased compared to previous years. In H1 2022, losses amounted to approximately $1.91 billion, and in H2 2022, they reached around $1.69 billion. However, in H1 2023, the value dropped to $470 million, indicating a positive trend in mitigating security risks.
2/ The total loss from hacks in Web3 has significantly decreased compared to last year.
In H1 2022, the total loss from attacks was ~$1.91 billion, and in H2 2022, it was about $1.69 billion, while in H1 2023, this value dropped to $470 million. pic.twitter.com/1P8m2lOPGG
— Beosin Alert (@BeosinAlert) June 30, 2023
Analyzing the distribution of loss amounts in hacks, one incident accounted for a loss exceeding $100 million, while seven incidents resulted in losses ranging from $10 million to $100 million. Additionally, 23 incidents led to losses ranging from $1 million to $10 million. These figures highlight the varying scale and impact of security breaches within the Web3 ecosystem.
Encouragingly, approximately $215 million worth of stolen assets were successfully recovered during H1 2023, showcasing a significant improvement compared to the previous year when only 8% of stolen assets were reclaimed.
However, it is concerning to note that $113 million of stolen assets were transferred to mixers, with $45.38 million directed into Tornado Cash and $68.14 million into other mixers.
4/ Approximately $215 million of stolen assets were recovered, accounting for 45.5% of all stolen assets. In contrast, in 2022, only 8% were recovered.
$113 million of stolen assets were transferred to mixers: $45.38M into Tornado Cash and $68.14M into other mixers. pic.twitter.com/m0wOTCBUej
— Beosin Alert (@BeosinAlert) June 30, 2023
As the Web3 revolutionizes various industries, it is crucial for stakeholders, including developers, users, and regulatory bodies, to maintain vigilance and implement robust security measures to safeguard the ecosystem.
Compiled by Coinbold
