Web3 exceeds losses of $1.2 billion in 2023, with August accounting for $23.4 million alone as projects on Base add to major exploits.
Optimism encountered two incidents, making up 9.5% of the total losses, while Arbitrum, Solana, Avalanche, Fantom and Linea each faced a single incident, representing a combined 28.7%.Hacks have consistently overshadowed fraud as the primary cause of losses. In August, hacks were responsible for a loss of nearly $15.8 million, 67.7% of the monthly total. Fraud, on the other hand, accounted for $7.6 million, or 32.3%.
DeFi platforms were the focus for all exploits in August, with centralized venues managing to steer clear of any major exploits during the period.and saved over $25 billion in user funds across protocols like Chainlink, The Graph, Synthetix and MakerDAO.that now account for 21% of accounts banned, as whitehat use of the tool grows.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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