Blockchain security firm Beosin revealed that in the first quarter of 2023, it tracked and recorded a total of 61 attacks in the web3 space and 41 carpet pulls.
The total loss from attacks in the first quarter of 2023 was reported to be approximately $295 million, lower than any quarter of 2022. The rug robberies resulted in a loss of approximately $20.34 million.
March saw the highest number of Web3 attacks in the first quarter
the a report He explained that Web 3 attacks were the most frequent in March. The month saw a total loss of $235 million, roughly 79.7% of the total losses in the first quarter. For example, the March hack cost Poolz Finance nearly $390,000 on Polygon and Binance Smart Chain. The unguarded DeFi protocol was also the target of a flash loan attack during the month, losing more than $195 million.
Most challenge attacks, according to DeFiLlama’s previous data, use compromised private keys. BeInCrypto cited the report as emphasizing that attacks in 2023 had problems with the protocol’s logic.
The report found that “rug checkouts continue to occur more frequently this quarter, with 56% of checkout frauds involving amounts less than $100,000.”
In April, South Korean cryptocurrency exchange GDAC suffered a loss of at least $13 million due to a swift wallet hack. At the beginning of the month, $570,000 worth of cryptocurrency was also stolen from cross-chain solutions company Allbridge.
Beosin notes that DeFi attacks suffered the highest losses in the most recent quarter. The report stated that 42 DeFi security incidents resulted in a total loss of $248 million.
Ethereum is the biggest target but BNB is vulnerable to rug pulling
According to a blockchain security study, Ethereum was the most affected blockchain in terms of losses, accounting for 80.8% of all losses. The report noted that “there were 17 major attacks on Ethereum in the first quarter of 2023, resulting in a total loss of approximately $238 million.”
Ethereum as a target is not surprising, considering that it is the second largest cryptocurrency by market cap and the largest network in terms of the total amount of funds held.
According to the research, urgent loans were the source of 67% of losses this quarter. According to the report, eight of these incidents resulted in losses estimated at $198 million.
The BNB chain saw the second highest number of attacks with 31 hacks. Its total losses amounted to $19.48 million. Notably, 34 projects (83%) out of the total 41 draws occurred on the BNB chain.
Algorand came in third, mostly because of the MyAlgo wallet issue. Beosin noted that the chain did not experience any major security breaches last year.
Meanwhile, Solana has improved among all blockchains in terms of losses since 2022. According to the report, no major security incidents were found this quarter in Solana.
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