$720 Million Lost via 117 Hacking Incidents in Q3 of 2023 — Study
According to the latest Web3 security report by the blockchain security auditor Hacken, there were a total
of 117 hacks in Q3 of 2023 while the value of funds stolen in this period topped $720 million. For context, there were 131 hacks in the preceding quarter yet only
$327 million was stolen.
While the losses ($49.80 million) from rug-pull incidents are significantly lower than the
$449 million lost via access control and reentrancy, the study data shows rug-pulling incidents as the most prevalent form of attack.
On why cybercriminals still siphon user funds via this tactic, the Hacken report revealed that approximately
15%, or 12 out of 78, examined rug pull incidents had been audited. Furthermore, the report noted that many users often overlook a project’s poor audit score. However, such a score may sometimes indicate an even deeper problem.
Meanwhile, the report urged
users to analyze token ownership, liquidity conditions, and audit outcomes before investing their funds. Users should also prioritize projects with renounced admin controls and community-led finances, the report added.
