In October 2023, the crypto world witnessed a surge in attacks, causing over $22.2 million in losses. BNB Chain and Ethereum bore the brunt, with the most incidents. Hacking dominated the cause of these financial losses.
October 2023 has seen the cryptocurrency landscape marred by a series of attacks, resulting in approximately $22.2 million in losses. According to a report from Immunefi, this year, from January to October, the crypto space has suffered a staggering $1.41 billion in losses due to 292 specific incidents. In this month alone, BNB Chain and Ethereum were the hardest hit, accounting for 83.3% of the total losses among targeted chains.
BNB Chain faced the highest number of attacks, with 11 incidents, leading to 45.8% of the overall losses among the targeted chains. Ethereum wasn’t far behind, with 9 incidents causing 37.5% of the total losses. Avalanche, Polygon, and Fantom followed with a smaller share of incidents.
The primary cause of these losses was hacking, accounting for 73.68% in October, while fraud contributed to 26.32%. DeFi platforms were the prime targets, making up 100% of the total losses.
In the broader view, Q3 of 2023 was particularly disastrous, with over $340 million in losses in September and more than $320 million in July. A previous report by CertiK had revealed nearly $332 million in digital assets lost to various exploits, hacks, and scams in September.