Over $300 Million Lost to Crypto Hacks and Exploits in Q2 2023: Report

Crypto Security Incident Report

According to the quarterly report from blockchain security company CertiK, digital assets amounting to more than $300 million were lost to crypto hacks and exploits in the second quarter of 2023. This figure is a 58% decrease from the second quarter of 2022, when $745 million was lost.

The report highlighted 212 security incidents in the quarter, with the majority of the losses coming from exit scams, which accounted for $70 million. This is almost double the losses from similar scams in the first quarter of 2023, which amounted to $31 million.

In contrast, losses from flash loans and oracle manipulation exploits decreased significantly compared to the first quarter of 2023. In the first quarter, 52 oracle manipulation attacks resulted in losses of around $222 million, with the Euler Finance hack contributing 85% of the total.

Crypto Security Breaches

Crypto.com reported a sharp decline in flash loan and oracle manipulation attacks in the second quarter, with 54 incidents resulting in losses of approximately $23 million. BNB Chain had the highest number of incidents, with 119 incidents leading to $70,711,385 in losses, followed by Ethereum with 55 incidents and $65,999,953 in losses.

PeckShield also revealed that half of stolen nonfungible tokens (NFTs) are sold within three hours of being stolen, indicating that hackers are eager to cash out their ill-gotten gains.