According to blockchain security company ImmuneFi, the number of crypto hacking events increased by 153% in the third quarter of 2023 compared to the same time in 2022, going from 30 to 76 in Q3.

In Q3, losses due to fraud and hacking increased to over $685 million, a 60% rise from about $429 million during the same time previous year.

According to Mitchell Amador, CEO of ImmuneFi, "Q3 witnessed the highest loss this year, driven by large-scale attacks such as the one on Mixin Network and Multichain" As they are suspected in numerous incidents this quarter, "state-backed actors played a crucial role."

In Q3 2023, the cryptocurrency market lost 685,510,444. $1,388,475,506 in losses have been sustained by the environment overall YTD.

Attacks grew sharply in Q3 2023, with the number of single events rising by 153% year over year from 30 to 76. The overall losses are higher than in Q3 2022 by 59.9%. Overall, Q3 of 2023 had the greatest loss.

Mixin Network and Multichain, the two biggest exploits of the quarter, alone cost $326,000,000, or 47.5% of all losses in Q3 2023.

The Lazarus Group was in charge of $208,600,000 in stolen funds, or 30% of all losses during the third quarter of 2023. The prominent assaults on CoinEx, Alphapo, Stake, and CoinsPaid are said to have been orchestrated by the organization.

In Q3 2023, hackers remained the main source of losses, accounting for 96.7% of all losses, as opposed to frauds, scams, and rug pulls, which accounted for only 3.3% of the total.

DeFi continues to be the primary target of successful exploits in Q3 2023, accounting for 72.9% of all losses compared to CeFi's 27.1%.

In Q3 2023, BNB Chain and Ethereum were the two most targeted chains. With 35 occurrences, Ethereum had the most individual assaults, while BNB Chain saw 25 incidents. Base came in second with 4 incidences, while Optimism came in third with 3. There were two incidences each in Polygon, Avalanche, Arbitrum, zkSync Era, and Fantom. Solana and the others came next, each with one incident.

A total of $61,169,000 in stolen money has been found in 6 distinct circumstances. This amount accounts for 8.9% of the third-quarter 2023 losses overall.

97% of losses were attributed to hacks, whereas just 3% were attributable to fraud and scams. Over $185 million was stolen from centralized exchanges and services, whereas approximately $500 million was lost through decentralized finance (DeFi) protocols.

The increase in occurrences reveals both the intricacy of the smart contract code behind many DeFi apps and the growing expertise of hacker organizations targeting blockchain businesses.