Crypto losses halved in Q2 2023 to $204M

As if the pessimism round crypto wasn’t sufficient, the trade has traditionally been hounded by hackers and scammers seeking to make a fast buck. And to make issues worse, it seems tracing and recovering misplaced funds is now getting tougher than ever as attackers use more and more refined strategies.

In keeping with a brand new report, solely $4.9 million was recovered of the $204.3 million the trade misplaced to hacks, scams and rug pulls in Q2 2023, and that was considerably lower than the $6.9 million recovered in Q2 2022. Nevertheless, the excellent news is that losses within the second quarter have been 55% narrower than in Q1 2023, when the trade misplaced a whopping $462.3 million to hacks and scams, with the Euler Finance flash mortgage assault accounting for 42.4% of the primary quarter’s losses, REKT’s database confirmed.

The report, by web3 “tremendous app” and antivirus answer De.Fi with supporting knowledge from the REKT database, detailed that up to now this yr, the trade had recovered about $183 million, or almost 28% of the $666.5 million misplaced to scams and hacks.

Q2 noticed over 100 exploits

This quarter had 110 recorded circumstances of “scams, exploits or unintended losses,” the report acknowledged. The three greatest circumstances have been the Atomic Pockets breach at $35 million, Fintoch at $31.6 million for its alleged ponzi scheme, and the exploit of a vulnerability in MEV Increase’s software program that led it to lose $26.1 million. These three accounted for a mixed $92.8 million, virtually half of the whole losses within the quarter.