Crypto Hacks: Ethereum Blockchain Accounts for 75.6% of Lost Crypto in H1 2023, Recovery Offers Hope
A recent report by Web3 security firm Beosin has shed light on the staggering amount of cryptocurrency lost in the first half of 2023. According to the report, a total of $656 million was lost due to various scams, hacks, and rug pulls. However, there is a glimmer of hope as approximately $215 million of stolen assets have been recovered.
The breakdown of the losses reveals some alarming figures. Out of the $656 million, $471.43 million was lost in 108 protocol attacks, $108 million in phishing scams, and $75.87 million in 110 rug pulls. Although these numbers are concerning, it is worth noting that they represent a significant decrease compared to the losses seen in the second half of 2022. During that period, a staggering $1.91 billion and $1.69 billion were lost to hacks.
Crypto Hacks: $215M Recovered, Marking 45.5% Success Rate; Mixers Transferred $113M
Beosin analysts provided further insight into the recovered assets, stating that around $215 million, which accounts for 45.5% of all stolen assets, have been successfully retrieved. This is a stark contrast to 2022, where only 8% of stolen assets were recovered. Interestingly, $113 million of the stolen assets were transferred to mixers, with $45.38 million going into Tornado Cash and $68.14 million into other mixers.
https://twitter.com/BeosinAlert/status/1674618821766971392?s=20
In terms of high-profile hacks, the report highlights Euler Finance’s unfortunate experience. The project fell victim to a flash loan hack, resulting in the loss of $195 million on March 13. However, there is a silver lining as most of the stolen assets were returned, prompting the firm to open redemptions on April 12.
Crypto Hacks: Ethereum Blockchain Dominates Crypto Losses in H1 2023, Binance Smart Chain Trails Behind
The majority of the lost crypto during H1 2023 consisted of coins and tokens minted on the Ethereum blockchain, accounting for 75.6% of the total. Binance Smart Chain tokens, on the other hand, only contributed 2.6% to the overall losses, making them the second largest stolen asset class.
The report also reveals that smart contract vulnerabilities were responsible for 56% of the losses, while 21.4% of the losses had no clear identifiable reasons. Nevertheless, these numbers demonstrate a significant improvement compared to H2 2021, when a staggering $2.1 billion in cryptocurrency was lost due to hacks, phishing scams, and rug pulls.
