$656M Lost to Crypto Hacks, Scams, and Rug Pulls in H1 2023: Report

Approximately $215 million in stolen assets have since been recovered.

According to a June 30 report by security firm Web3 Beosin, the total value of cryptocurrencies lost in scams, hacks and mat hijackings was $656 million in the first half of 2023 This includes the loss of $471.43 million in 108 protocol attacks. , $108 million in various phishing scams and $75.87 million in 110 rug draws. For hacks, the amount represented a significant decrease from the first half of 2022 and the second half of 2022, where $1.91 billion and $1.69 billion were lost, respectively. Additionally, Beosin analysts wrote:

"About $215 million in stolen assets have been recovered, representing 45.5% of all stolen assets. By contrast, in 2022, only 8% have been recovered. $113 million in assets stolen were transferred to mixers: $45.38 million in Tornado Cash and $68.14 million in other mixers."

In a dashboard compiled by Beosin and Footprint Analytics, only one project was hacked for more than $100 million, namely Euler Finance's $195 million flash loan hack on March 13. stolen assets.

The vast majority of cryptos lost in the first half of 2023 were coins and tokens minted on the Ethereum blockchain, at 75.6%. Meanwhile, the second largest stolen asset class, Binance Smart Chain tokens, only reached 2.6%.

Furthermore, most cryptos stolen were lost due to smart contract vulnerabilities (56%), while 21.4% had no clearly identifiable reason for the loss. Nonetheless, the numbers represent a significant decrease from the second half of 2021, when a record $2.1 billion worth of crypto was lost due to hacks, phishing scams, and rug draws.