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According to data compiled in a quarterly report by blockchain security company CertiK, more than $300 million in digital assets were lost in the second quarter of 2023 as a result of cryptocurrency hacks and exploits.
The CertiK report indicated that there were 212 security incidents in the quarter. The firm noted that during the incidents, the attackers deducted a total of $313,566,528 from the Web3 protocols. Compared to the second quarter of 2022, when hacks and exploits claimed $745 million, the security firm indicated that the amount lost was down 58%.
Despite a lower total recorded compared to 2022, the quarter saw an increase in value lost due to exit fraud, totaling about $70 million in the second quarter of 2023. This is almost double the losses from similar frauds in the first quarter, which amounted to about $31 million.
Meanwhile, losses from express loans and oracle manipulation exploits dropped sharply in the second quarter compared to the first quarter of 2023. the infamous Euler Finance hack, which accounts for 85% of the losses.
In the second quarter, there were a total of 54 attacks using instant credits and oracle manipulation, resulting in losses of approximately $23 million, down 89% from the first quarter.
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In addition, CertiK also highlighted that of all the blockchain firms analyzed, the BNB network had the highest number of incidents, with 119 incidents resulting in a loss of $70,711,385. Ethereum came in second with 55 incidents that netted $65,999,953 to hackers.
Meanwhile, a PeckShield report showed that half of stolen non-fungible tokens (NFTs) are sold within three hours of being stolen by attackers, indicating that hackers are quickly getting rid of their ill-gotten gains after NFTs are stolen.