Crypto Market Records $656M in Hacks and Scams in H1 2023

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The crypto industry continues to capture global attention, attracting both investors seeking profitable opportunities. However, the crypto industry suffered huge losses of around $656 million owing to hacks, scams, and rug pulls in the first half of 2023.

A recent report compiled by Web3 security firm Beosin highlighted 108 Protocol attacks, resulting in a loss of $471.43 million. Additionally, phishing scams accounted for $108 million in losses, while 110 instances of rug pulls resulted in losses of $75.87 million.

Crypto Hacks: Reduction in Losses

However, the security firm noted that there has been a substantial decrease in the total loss from hacks in Web3 when comparing H1 2023 with the previous year.

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The total loss from attacks in H1 2022 was estimated to be $1.91 billion, underscoring the serious consequences of hacking activities during that time. The losses fell somewhat to about $1.69 billion in the second half of 2022. However, the stated losses fell dramatically to $470 million in the first half of 2023.

Distribution of Hacking Losses

In a comprehensive dashboard compiled by Beosin and Footprint Analytics, it was revealed that only one project suffered a hack exceeding $100 million during H1 2023. This incident involved Euler Finance, which experienced a flash loan hack resulting in a loss of $195 million. The hack caused significant disruption and concern within the crypto community. 

However, the situation took a positive turn as the hackers returned most of the stolen assets. Euler Finance promptly opened redemptions on April 12, ensuring affected investors had the opportunity to recover their funds. 

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While there was a significant loss exceeding $100 million, the majority of incidents fell within the lower ranges of losses.  Beosin reported seven instances with losses ranging from $10 million to $100 million, and a total of 23 incidents with losses ranging from $1 million to $10 million.

Improvement in Stolen Assets Recovery

Furthermore, Beosin highlighted that there was a significant improvement in the recovery of stolen assets in H1 compared to the previous year. According to the details, about $215 million of stolen assets were successfully recovered, accounting for 45.5% of all stolen assets. This represents a substantial increase in recovery efforts, especially when compared to the recovery rate of only 8% in 2022.

It is important to mention, however, that a portion of the stolen assets, totaling $113 million, was transferred to mixers. $45.38 million was placed into Tornado Cash, a prominent privacy-focused mixer, while $68.14 million was transferred into other mixers. 

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