Bad Actors Slowed In 2023, But Web3 Continues To Suffer Attacks And Rugpulls
Boesin, a blockchain security firm, has reported a slowing down of bad actors attacking the Web3 ecosystem. Boesin noted that the Web3 space recorded 61 attacks and 41 rug pulls in 2023, down from the previous year, but still resulted in a loss of $295m for bad actors in the first quarter. Ethereum was the most targeted network with 80.8% of losses, while Binance Chain came second with losses amounting to $19.48m. The report found that despite the slight decrease in losses, the Web3 sector is still vulnerable to attacks and rug pulls, putting users and stakeholders at risk. March saw the highest level of attacks, with attackers claiming 79.1% of all losses in Q1. The report revealed the Euler Finance hack, which resulted in a loss of almost $200m from the protocol, and the hack of Bitcoin ATM maker General Bytes, which lost over $1.5m in March. Boesin warned that rug pulls continue to occur frequently, with 56% of exit scams involving amounts less than $100,000. Flash loans accounted for 67% of losses in Q1, with eight of these occurrences mostly Ethereum resulting in a loss of $198m. Algorand saw only a slight loss due to the MyAlgo wallet, while Solana improved, reporting little or no loss from attacks this quarter. The report suggests that despite the overall decrease in losses, it is up to the industry to implement robust security measures and address the issue of risk. Despite the news of the bad actor activities, the global crypto market has remained relatively stable, with the global crypto market capitalization surging by 2% at the time of writing, with a value of over $1.3tn.
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