In Q3 2023, there were 76 attack events, up from just 30 in the same quarter the previous year.

According to a report by blockchain security platform Immunefi, attack occurrences against crypto and Web3 projects increased by 153% from July to September 2023 compared to the same time in 2022. There were a total of 30 attack events in Q3 2022. However, this number increased to 76 in Q3 2023. The most recent quarter had losses of around $686 million.

The Mixin breach on September 25 caused the largest damage, robbing the company of over $200 million. The Multichain hack, which cost over $126 million in losses that haven’t been recovered, was the second-worst attack of the quarter. Along with these occurrences, the Lazarus Group stole about $208 million worth of cryptocurrency.

Rug pulls and other con games were a tiny part of attacks in Q3. These kinds of accidents only accounted for $23 million, or 3.3%, of total damages; the other 96.7% were the result of hacks or exploits. In comparison to Q3 2022, overall financial losses due to frauds dropped by 23.9% in Q3.

According to the report, centralized services only accounted for 27.1% of exploit losses, while decentralized finance (DeFi) hacks caused 72.9% of all losses. Immunefi didn’t specify how it differentiated between “centralized” and “decentralized” services.

The two networks most attacked by hackers and scammers were Ethereum and BNB Chain. Ethereum represented 42.7% of losses, while BNB Chain represented 30.5%. The third and fourth most utilized networks by attackers were Base and Optimism.

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