Hackers intensified their efforts to hack cryptocurrency projects in the past year and mostly had DeFi in their crosshairs, according to a new report from Immunefi.
The report, compiled by the bug bounty platform Immunefi, found that overall hacks across blockchains went up by 63% in the second quarter of 2023 compared to the same period last year. Though total losses were down 60% from last year, ImmuneFi warned that the overall number of hacks has increased by 65% and losses from fraud rocketed up by 225%.
Immunefi found that the majority of the attacks were conducted against DeFi platforms, which lost $228 million in Q2 across 79 separate incidents. In contrast, centralized platforms lost $37 million in the quarter across two incidents.
According to Immunefi, most of the crypto losses originated from two specific incidents—the June 3 hack of Atomic Wallet and the May 23 exit scam by the now-defunct Fintoch platform.
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Atomic Wallet, a self-custodial decentralized wallet, lost $100 million in crypto allegedly to hackers from the North Korea-linked Lazarus Group. The Atomic Wallet team said that the hack affected “less than 0.1%” of users, but did not confirm if they believed Lazarus to be responsible.
In May, FinToch disappeared with almost $32 million in user funds after promising users a 1% daily interest on their investment. The scam, known as a rugpull, was identified by Twitter blockchain detective ZachXBT.
It appears the team behind the ponzi @DFintoch has likely exit scammed with 31.6m USDT on BSC after the funds were bridged to multiple addresses on Tron/Ethereum and
people reported being unable to withdraw
Immunefi also found that some chains were targeted more than others. It found that attacks on BNB Chain and Ethereum made up 77% of all losses in the last quarter, followed by Arbitrum at 12%. They said that attacks on Arbitrum were notable, given that it experienced no incidents at all in the same period last year.
Arbitrum has not returned Decrypt’s request for a comment. A spokesperson for Binance also did not respond to a request for comment.
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