Web3 security company Beosin EagleEye says there was a drastic increase in illegal crypto activities in the third quarter of 2023.
In the July to September quarter, “total losses from hacks, phishing fraud and rug pulling in Web3 amounted to $889.26 million,” with hacks or major attacks making up about 60% of losses, Beosin said EagleEye.
“Among them, 43 major attacks resulted in a total loss of approximately $540.16 million. Phishing scams were responsible for a total loss of approximately $66.15 million, and there were 81 carpet pulls with a total loss of approximately $282.96 million.”
The third quarter losses were approximately 34% higher than the combined losses in the first and second quarters of 2023.
“Losses in the third quarter of 2023 exceeded the total for the first half of 2023. Losses were approximately $330 million in the first quarter of 2023 and $333 million in the second quarter of 2023, while in the third quarter they were $889.26 million.”
Beosin EagleEye says Lazarus Group’s North Korean hackers stole more than “$208 million in four attack incidents, posing the biggest threat to Web3 security this quarter.”
The security incident involving decentralized cross-chain trading network Mixin days ago “took 37% of total losses for the quarter,” the blockchain security company said.
Beosin EagleEye further says that blockchain-based Ethereum (ETH) has suffered $227 million in losses due to security incidents, the most of any chain.
“Second in terms of losses was Mixin Network, where a single event caused $200 million in losses, placing it second among blockchains.
Ethereum and Mixin together accounted for 79% of the total losses.”
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