Beosin EagleEye platform, a subsidiary of Beosin, a blockchain security audit company, revealed in a research report that Web3 lost approximately $890 million to various security breaches, phishing scams, and rug pulls in the third quarter of 2023.
Additionally, 81 incidents of rug pulls within projects led to a total loss of approximately $280 million.
DeFi Accounted for 67.4% of all Incidents
Amongst the various project types, public chains experienced the most substantial losses, with Ethereum alone accounting for $227 million.
Ethereum also took the unfortunate lead in security incidents, tallying up 16 during the quarter.
Examining attack methods, it was found that private key leaks were the most costly, causing losses of $223 million.
Notably, a significant portion of the stolen funds, approximately $360 million, remained within the control of the hackers, representing a worrying 67% of the total.
10% of Stolen Funds Were Retrieved in Q3 2023
Efforts to recover stolen assets yielded limited success, with only 10% of the stolen funds retrieved during the quarter.
The audit landscape revealed that both audited and unaudited projects bore the brunt of these security incidents almost equally, with audited projects representing 48.8% and unaudited projects making up 46.5% of the affected cases.
While blockchain technology continues to revolutionize various industries, the persistent threat of cyberattacks and scams remains a critical concern.
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