According to research by Immunefi, the number of attacks in the cryptocurrency industry increased 192% year-over-year, from 25 this quarter to 73.
Despite this significant rise, total lost money is actually down by 64.4%. This is probably due to market conditions.
By reviewing, verifying, and classifying publicly available data, Immunefi assessed the total amount of crypto assets lost by the community through hacks and fraud. From 2021, we are reporting the same.
In this report, cryptocurrency losses are divided into two categories. or losses caused by human actions such as rug pulling, fraud, fraud.
Another important insight revealed in this study is that BNB chain It was a prime target for exploits and scams. In fact, Immunefi reports 73.3% of all lag pulls that occurred on his BNB chain by the security firm under study.
Lag-pull means that the project will receive a new token or NFTs It collects and promises a certain benefit to the user, but the developer has abandoned the project and is unable to deliver the promised benefit, but retains the funds of the purchaser.
Adrian Hetman Tech, who leads Immunfi’s triage team, said in the report: “Its community lacks a security-first approach and attracts a lot of users looking for easy ways to make money. That is why we continue to see the largest number of exploits and lag pulls in this ecosystem. I have.”
Black hat hackers are ‘keeping pace’
A total of about $440 million was stolen in the first quarter of 2023, of which 40.5% was fortunately attributed to Euler Finance and SperaxUSD.
This figure could be even higher as the Euler attackers officially returned all funds on April 3rd.
Hacking was the leading cause of losses at 95.7%, while fraud, scams and lag pulls accounted for just 4.3%.
“Over the past year, the project has stepped up its security efforts through audits and bug bounties, and Black Hat is catching up,” said an Immunefi spokesperson. Decryption on mail. “They have learned about industry practices and improved their skills, which is reflected in the surge in the number of successful hacks and lag pulls.”
If black hat hackers were to thrive alongside the cryptocurrency industry in general, we wouldn’t see an increase in the number of incidents.
The question arises here: How did the Black Hats win the war?
“In a bear market, Blackhats can take advantage of projects that start deprioritizing security in favor of other budget items. Developers have to be right at every stage of the development process and make sure there are no holes.It’s hard work and almost an unfair battle.”
