According to CertiK, Web3 theft incidents reached their lowest point this year in October. The blockchain security company confirmed that there were 38 incidents this month resulting in $32.2 million in losses from hackers, vulnerabilities, and scams, with no incident resulting in losses exceeding $7 million.
Compared with the 10-month total of $1.4 billion, October’s losses were about a quarter of the monthly average. January’s losses were the second-lowest, at $33.7 million. The statistics for October are not the result of a steady decline in losses, but rather show that there were no major accidents during the month. The number of accidents in October was also a record low of 38.
Certik’s third-quarter report showed the number of accidents dropped from 79 in July to 66 in August and 39 in September. Only exit scams increased in October and are four times higher than the lows reached in September. The category reached its annual high in May, when users of a cryptocurrency project called Fintoch lost nearly $32 million.
Related: Tracking Stolen Cryptocurrency – How Blockchain Analysis Can Help Recover Funds
On the other hand, vulnerability exploit volume peaked in September, mainly due to the breach of Mixin Network’s cloud service provider, which resulted in a loss of $200 million. July had the second-highest losses, most of which were attributed to the loss of multi-chain MPC bridges.
Attention: Cryptocurrency social media scams are on the rise. Many of the methods used have historical roots. The combination of the widespread reach of social media and the decentralized and often opaque nature of cryptocurrencies has created an ideal environment for scammers.
Let’s dive into this topic
— CertiK (@CertiK) October 26, 2023
There are some clear trends in cryptocurrency crime. CertiK has recently noticed an increase in scams using social media. It cited data from the U.S. Federal Trade Commission showing that nearly half of cryptocurrency scams in the past 18 months were linked to social media, which provides a variety of opportunities for wrongdoing, from pumping and dumping to hog slaughter.
CertiK said in Q3 that North Korea’s Lazarus Group remained “the main threat”.
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