Crypto hacks and exploits snatch over $300M in Q2 2023: Report

More than $300 million in digital assets were lost to crypto hacks and exploits in the second quarter of 2023, according to on-chain data compiled in the quarterly report by the blockchain security company CertiK. 

In the report, CertiK showed that there were a total of 212 security incidents in the quarter. The firm noted that across the incidents, malicious actors drained a total of $313,566,528 from Web3 protocols. Compared to the second quarter of 2022, when hacks and exploits took $745 million, the security firm pointed out that there was a 58% decline in the amount lost.

Despite the lower total amount recorded compared to 2022, the quarter saw an increase in the value lost to exit scams, which amounted to around $70 million in the second quarter of 2023. This is almost double the losses from similar scams in the first quarter, which was around $31 million.

Meanwhile, losses from flash loans and oracle manipulation exploits saw a drastic decrease in the second quarter compared to the first quarter of 2023. In the first quarter, there were a total of 52 oracle manipulation attacks leading to losses of around $222 million, with the infamous Euler Finance hack contributing 85% to the losses.

In the second quarter, there were a total of 54 flash loan and oracle manipulation attacks, which led to losses of around $23 million, an 89% decline compared to the first quarter.

Related: Poly Network urges users to withdraw after exploit affects 57 crypto assets

Apart from this, CertiK also highlighted that out of all the blockchains the firm analyzed, BNB ( $625.78 ) Chain recorded the most incidents, with 119 incidents leading to $70,711,385 in losses. Ethereum ( $2,301.30 ) came in second place, with 55 incidents netting hackers $65,999,953.

Meanwhile, a report from PeckShield showed that half of stolen nonfungible tokens (NFTs) are being sold within three hours of being stolen by malicious actors — indicating that hackers are quick to offload their ill-gotten gains after performing NFT theft.

Magazine: Should crypto projects ever negotiate with hackers? Probably