CertiK Security Report Nearly 1 billion USD will be stolen in 2023 due to fraud, vulnerability exploitation, and hacker attacks.

According to CertiK Security Report, around $1 billion will be stolen in 2023 through fraud, vulnerability exploitation, and hacker attacks.

CertiK disclosed that as of August 2023, losses caused by flash loan attacks, exit scams, and vulnerabilities have exceeded $997 million.

According to a report released by Web3 security organization CertiK, malicious actors targeting the cryptocurrency space stole over $45 million in digital assets from victims in August alone, bringing the total stolen amount this year to $997 million.

The report emphasizes that in August 2023, approximately $26 million was stolen due to exit scams, while flash loan attacks and other vulnerability exploits caused losses of $6.4 million and $13.5 million, respectively. The cybersecurity company confirmed that the total loss has exceeded $45 million.

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Major security incidents that occurred in August. Source: CertiK

CertiK specifically highlighted several significant events that resulted in massive losses, including the Zunami Protocol attack, which resulted in a loss of $2.2 million; the Exactly Protocol vulnerability exploit, which resulted in a loss of $7.3 million; and the PEPE coin selling incident, which resulted in a staggering loss of $13.2 million.

According to CertiK’s statistics, losses caused by vulnerability exploits, hacker attacks, and scams have exceeded $997 million so far in 2023. Among them, losses caused by flash loan attacks amounted to approximately $261 million, losses caused by exit scams exceeded $137 million, and losses caused by vulnerability exploits exceeded $596 million.

Although the economic losses in August are still high, they have significantly decreased compared to the massive losses in the previous month. According to De.Fi, a Web3 data organization, the total loss in July 2023 was approximately $486 million, of which about $231 million was caused by the Multichain vulnerability exploit.

Due to various reasons, Multichain officially announced its cessation of operations on July 14. The team stated that insufficient operational funds and a lack of alternative sources of information were the main reasons for its closure. In addition, the team stated that they were unable to contact their CEO due to his detention by the Chinese government.

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