Continued Web3 Attacks in 2023 Yield Improved Results Compared to 2022

Blockchain security firm Beosin has reported tracking and recording a total of 61 web3 attacks and 41 rug pulls in Q1 2023, resulting in an overall loss of around $295m, which is less than any of the 2022 quarters. The month of March saw the most web3 attacks, with the majority of losses, accounting for 79.7% of all losses in Q1. DeFi attacks caused the highest losses, resulting in a total loss of $248m. Ethereum was the most affected blockchain in terms of losses, accounting for 80.8% of all losses, with 17 major attacks resulting in losses of approximately $238m. The BNB Chain experienced the second-most number of attacks with 31 exploits, resulting in losses of $19.48m. Algorand came in third, while Solana’s position among all blockchains in terms of losses improved this quarter.  

The report highlights that most DeFi attacks use compromised private keys, whereas these attacks now involve problems with protocol logic. Flash loans were the source of 67% of losses this quarter, with eight of these occurrences resulting in almost $198m in losses. The report found that 56% of the exit scams involving “rug pulls” took place with amounts less than $100,000. Crypto exchange GDAC suffered a loss of at least $13m due to a hot wallet hack, and $570,000 worth of digital assets from cross-chain solutions vendor Allbridge was also stolen. Readers should note that the article is based on a hypothetical report from the year 2023.

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