A brand new report from a bug bounty platform reveals that the quantity of crypto property misplaced to hacks and frauds took a dive in August.
In accordance with Immunefi, $23,366,220 value of digital property had been misplaced in August, marking a pointy decline from the $320,498,660 value of losses recorded in July.
Crypto losses from hacks and rug pulls that occurred between January and August this 12 months quantity to $1,245,020,621.
The report says hacks stay the main reason for crypto losses topping frauds, scams and rug pulls. In August, $15,812,809, had been misplaced to hacks throughout 13 particular incidents whereas frauds account for $7,553,411 in losses throughout 4 particular incidents.
“An evaluation of the losses reveals that fraud accounts for 32.3% of the overall losses in August 2023, whereas hacks account for 67.7%.”
Decentralized finance (DeFi) continues to be the first goal for exploits, accounting for 100% of the overall losses in August as centralized finance (CeFi) platforms didn’t expertise a significant exploit throughout this era.
Ethereum (ETH) is essentially the most focused chain with 5 particular person assaults. The Coinbase-backed Base protocol, which simply launched in early August, and BNB Chain comply with with 4 incidents every. These three networks signify greater than half of the overall focused chain losses.
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