Q3 2023 Sees $890 Million in Losses Amid Escalating Threats

In Q3 2023, security breaches, phishing scams, and rug pulls in the Web3 space resulted in losses totaling $890 million, which surpasses the cumulative losses of the previous two quarters

Among various fraudulent activities, private key compromises stand out as the preferred method for hackers and scammers

The DeFi sector and the Ethereum blockchain remain the primary targets for attacks, with DeFi protocols experiencing thefts amounting to $227 million during Q3 2023

Regrettably, only $54.4 million in assets were successfully recovered this quarter, representing approximately 10% of the total stolen amount.