Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home Bitcoin News

Crypto Scammers And Hackers Swipe $889 Million In Q3 2023

Hania by Hania
September 28, 2023
in Bitcoin News
Reading Time: 2 mins read
A A
0
Crypto Scammers And Hackers Swipe $889 Million In Q3 2023
Share on FacebookShare on Twitter
ADVERTISEMENT

Table Of Content:

  • The Rise Of Decentralized Finance Attacks
  • Rug Pulls Multichain, Bald, and Pepe in the Spotlight
  • Crypto Giants Ethereum and BNB Chain Under Attack
  • Recovery Remains Elusive

In the third quarter of 2023, the cryptocurrency industry faced a staggering loss of $889.3 million due to a surge in cyberattacks, scams, and rug pulls. This unfortunate figure surpasses the cumulative losses recorded in the first half of the year. Experts from Beosin, a cybersecurity firm, have dissected these losses, revealing that cyberattacks accounted for $540.16 million, while rug pulls and phishing scams contributed $282.96 million and $66.15 million, respectively.

The Rise Of Decentralized Finance Attacks

A notable trend in the crypto landscape was the surge in attacks targeting decentralized finance (DeFi) protocols, constituting a whopping 67.4% of all exploits. The most significant blow was the Mixin Network hack, resulting in a loss of $200 million. Prominent platforms like Curve, CoinEx, Alphapo, and Stake also fell victim to substantial losses.

Rug Pulls: Multichain, Bald, and Pepe in the Spotlight

Rug pulls, a malicious maneuver often associated with meme coins, struck hard in Q3. Multichain, Bald, and Pepe were among the most affected, with losses ranging from $15.5 million to a staggering $210 million.

Crypto Scammers And Hackers Swipe $889 Million In Q3 2023

You May AlsoLike

Cryptocurrency 2024 Projections: Expert Forecasts And Market Analysis

Cryptocurrency 2024 Projections: Expert Forecasts And Market Analysis

December 1, 2023
Bitcoin Forecast: Matrixport Anticipates $60K Price Pre-Halving

Bitcoin Forecast: Matrixport Anticipates $60K Price Pre-Halving

December 1, 2023

Crypto Giants Ethereum and BNB Chain Under Attack

The quarter also witnessed a series of devastating attacks on major blockchain networks. Ethereum and BNB Chain, two of the most prominent players in the industry, suffered losses of $227 million and $37.4 million, respectively. These incidents sent shockwaves through the crypto community, highlighting the vulnerabilities that persist even in established protocols.

Also Read: BNB Hacker Loses More Than 53 Million Dollars After Liquidation Occurs

Recovery Remains Elusive

Regrettably, only a meager 10% of the stolen assets have been recovered, illustrating the challenges in tracing and retrieving lost funds. Crypto ransomware attacks saw a notable increase in the first half of 2023, although the amount of funds flowing into criminal crypto addresses dropped by 65%. Despite this decrease, attackers managed to extort $175.7 million more by June 2023 compared to the same period in 2022.

As the crypto industry grapples with these mounting challenges, investors and participants are urged to exercise utmost caution and employ robust security measures to safeguard their assets. The wave of scams and hacks serves as a stark reminder of the ever-evolving tactics employed by malicious actors in the digital realm.

Tags: crypto newsDeFifraudhack
Share76Tweet48
ADVERTISEMENT
Previous Post

Memeinator: The Crypto Hero On A Mission To Cleanse Meme Coins

Next Post

Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Cryptocurrency 2024 Projections: Expert Forecasts And Market Analysis
Bitcoin News

Cryptocurrency 2024 Projections: Expert Forecasts And Market Analysis

December 1, 2023
Bitcoin Forecast: Matrixport Anticipates $60K Price Pre-Halving
Bitcoin News

Bitcoin Forecast: Matrixport Anticipates $60K Price Pre-Halving

December 1, 2023
Nov 2023: Crypto Theft Soars, Reaches $363M In Record-Breaking Month
Altcoin News

Nov 2023: Crypto Theft Soars, Reaches $363M In Record-Breaking Month

December 1, 2023
Bitcoin’s Strong Performance In December: Surpasses $38,000 Mark
Bitcoin News

Bitcoin’s Strong Performance In December: Surpasses $38,000 Mark

December 1, 2023
MicroStrategy Acquires 16,000+ BTC Worth $600M In Latest Purchase
Bitcoin News

MicroStrategy Acquires 16,000+ BTC Worth $600M In Latest Purchase

November 30, 2023
SEC Chair Gensler’s X Post Fuels Speculation Of Spot Bitcoin ETF Approval
Bitcoin News

SEC Chair Gensler’s X Post Fuels Speculation Of Spot Bitcoin ETF Approval

November 30, 2023
Next Post
Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • XRP Holders Receive Unexpected Good News From Bitrue

    XRP Holders Receive Unexpected Good News From Bitrue

    201 shares
    Share 80 Tweet 50
  • XRP’s Rollercoaster Ride: Whales Stir the Waters Amid Market Fluctuations

    198 shares
    Share 79 Tweet 50
  • Shiba Inu (SHIB): 3 Crucial Factors For The Week Ahead

    198 shares
    Share 79 Tweet 50
  • Binance Shuts Down Major Liquidity Pools: What This Means For Crypto Traders

    196 shares
    Share 78 Tweet 49
  • Solana’s Remarkable Journey: From the Ashes to New Heights

    195 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.