New data shows that crypto scam and hack losses in the first half of 2023 were down a whopping 75% from the same period last year. A recently released report by Beosin, a blockchain security firm, revealed that the total value of cryptocurrencies lost in scams, hacks, and rug pulls targeting Web3 platforms reached $656.61 million during the first half of 2023. For comparison, $1.9 billion was lost to Web3 scams in the same quarter last year.
DeFi Platforms Remain The Most Frequent Target
Decentralized finance (DeFi) platforms were hit the hardest by scams and hacks in the first half of 2023. Decentralized finance aims to disrupt traditional financial institutions, but with its anonymity and lack of regulation also come more opportunities for fraud. The total loss from 85 DeFi security breaches reached $292 million, accounting for 62% of the total losses.
Criminals are known for always exploiting vulnerabilities in unaudited smart contracts to drain funds, but the number of cases has
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