Web3 security company, Beosin report released on June 30 revealed, the total worth of cryptocurrencies lost to scams, hacks, and rug pulls was $656 million in the first half of 2023.
Out of $656 million, $108 million lost as a result of various phishing attacks, $471.43 million lost via 108 protocol attacks and the remaining $75.87 million through 110 rug pulls.
The amount was significantly less than the $1.91 billion and $1.69 billion lost due to hacks in H1 2022 and H2 2022, respectively.
Beosin analysts also wrote, “The assets that were recovered were about $215 million, or 45.5% of the total amount of stolen property. In comparison, only 8% of the losses were made in 2022. $113 million in stolen cryptos was moved to mixers: $68.14 million went to other mixers and $45.38 million went to Tornado Cash.”
Only one project was compromised for over $100 million of data in a dashboard created by Beosin and Footprint Analytics; this was the $195 million flash loan hack on March 13 at Euler Finance. After hackers restored the majority of the stolen assets, the company began accepting redemptions on April 12.
The Ethereum blockchain produced 75.6% of the coins and tokens that were lost in the first quarter of 2023. Binance Smart Chain tokens, the second-largest asset class that was stolen, only made up 2.6% of the total.
Moreover, 56% of the stolen cryptocurrency was lost owing to smart contract flaws, leaving the remaining 21.4% with no obvious cause for the loss.
However, the figures show a notable decline over H2 2021, when a record $2.1 billion in cryptocurrency was lost as a result of cyberattacks, phishing attacks, and rug pulls.
