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Crypto Scams Drained $1.8B in 2023: Immunefi Report

According to an Immunefi report, in 2023 crypto space has suffered at the hands of hackers, scammers, and exploiters losing funds worth around $1.8 billion.

ShahZaib Ahmed

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Crypto Scams Drained $1.8B in 2023: Immunefi Report

Immunefi reports disclosed that 2023 has been evident of a significant loss of approximately $1.8 Billion in the crypto space. According to the Immunefi report disclosed on the 28th of December 2023, many significant crypto firms including Multichain, Euler Finance, and Mixin Network lost millions of dollars in crypto scams, hacks and exploits in 2023.

Also Read: Ledger’s $484K Crypto Heist: Widespread Impact on DeFi Platform

Immunefi, a decentralized bug bounty platform focused on blockchain and DeFi projects has revealed a report disclosing the details of crypto losses in the year 2023. According to the Immunefi report, 17% of the total losses are attributed to the Lazarus Group based in North Korea. According to the report, in 2023 crypto space has suffered at the hands of hackers, scammers, and exploiters losing funds worth around $1.8 billion from multiple crypto platforms.

A Few Significant Crypto Hacks of 2023

Mixin Network, the prominent peer-to-peer trading platform has been the victim of the biggest hack of 2023. According to the reports, Mixin Network suffered the hacks and lost roughly $200 million to the crypto investors.  

top 10 losses in 2023

Secondly, the lending platform Euler Finance faced a hack and lost over $197 million. Thirdly, a well-known cross-chain bridge protocol named Multichain lost $126 million in a crypto hack in 2023. Law enforcement linked about $309 million in losses to the Lazarus Group, a cybercriminal gang linked to North Korea. They are linked with hacks like Atomic Wallet ($100M), CoinEx ($70M), Alphapo ($60M), and more from platforms like Stake and CoinsPaid.

More Funds Lost in Hacks Rather Than Frauds, Says Immunefi Report

Most of the lost funds are reported from hacks rather than fraud. Only $103 million was due to clear fraud like rug pulls, while over $1.6 billion was from hacks. The biggest losses, $1.3 billion, were from supposedly decentralized finance (DeFi) systems while centralized finance (CeFi) lost $409 million. Year 2023 faced $1.8 billion in losses which is over half less than last year’s $3.8 billion reported by Chainalysis in 2022.

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