According to the latest report from Immunefi, from January to October 2023, over $1.41 billion has been lost to hacking and fraudulent activities in 292 specific incidents.
In October 2023 alone, losses amounted to approximately $22.2 million, primarily attributed to hacking and fraud. The most frequently targeted blockchain networks during the period were BNB Chain and Ethereum, accounting for 83.3% of the total losses among targeted chains.
- Immunefi disclosed that BNB Chain experienced the highest number of individual attacks, with 11 incidents, accounting for 45.8% of the overall losses among the targeted chains.
- Ethereum, on the other hand, experienced 9 incidents, representing 37.5% of the total losses.
- Layer 1 blockchain, Avalanche trails behind with 2 incidents, representing 8.3% in October.
- Polygon and Fantom witnessed 1 incident each, representing 4.2% respectively.
- Hacking incidents continued to be the primary cause of financial losses, surpassing fraudulent activities which resulted in a total loss of over $16.35 million for the month.
“In October 2023, hacks continue to be the predominant cause of losses as compared to frauds, scams, and rug pulls. An analysis of the losses shows that fraud accounts for 26.32% of the total losses in October 2023, while hacks account for 73.68%.”
- DeFi platforms continued to be the primary focus of exploitation in October, representing 100% of the total losses. Contrastingly, not a single major exploit was reported in CeFi platforms.
- Zooming out, Q3 in 2023 recorded the highest losses, primarily driven by over $340 million in September and more than $320 million in July, the Web3 bug bounty platform said in its report.
- An earlier report by blockchain security firm, CertiK revealed that nearly $332 million in various digital assets had been lost to exploits, hacks, and scams in September.