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Crypto Scams, Hacks, and Exploits Drained $1 Billion This Year, Says a Report

Crypto criminals siphoned $45M in August and a staggering $997M year-to-date. Learn more in CertiK’s latest security report.

ShahZaib Ahmed




Bad people aiming at the crypto world have drained above $45M in crypto assets from unsuspecting people during August. In addition to this, such malicious actors have stolen away a cumulative $997M year-to-date (YTD), as per CertiK. The blockchain security company recently published a report to disclose the above-mentioned statistics.

Malicious Actors Reportedly Drain $1B in Crypto Scams, Hacks, and Exploits in 2023

In that report, the platform pointed out that exit scams were credited for nearly $26M during August. Additionally, it mentioned that the bad actors took away up to $6.4M via flash loan attacks at the same time. Moreover, the exploits remained effective in taking away almost $13.5M, during the same month. The cybersecurity platform confirmed that the cumulative losses accounted for more than $45M.

Also Read: US Judge Dismisses the Case Against Uniswap Over Tokens’ Scam

CertiK disclosed that a few of the prominent events in this respect include the attack on Zunami Protocol. In that incident, the funds of up to $2.2M worth were lost. Another such attack targeted the Exactly Protocol and drained up to $7.3M. Furthermore, the withdrawal incident of the PEPE coin resulted in losses of approximately $13.2M.

CertiK mentioned that above $997M was exploited in several exploits. The losses witnessed in August are still huge. Even then, the respective amount was considerably lower in comparison with the losses seen in the month before. The Web3-based data outlet called De.Fi said a cumulative amount of almost $486M was recorded in July this year.

Multichain Says Deficiency of Funds Led to the Shutdown of Its Activities

The enormous exploit of Multichain is solely responsible for the losses of up to $231M to the cumulative lost amount. With diverse factors contributing in this respect, Multichain officially declared stopping its activities on the 14th of July. The team referred to the lack of funding as the reason behind the move.

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