Data reveals Ethereum faced significant losses as a result of rug pulls and hacks.
According to the most recent research report from SlowMist, Ethereum suffered the greatest losses, totaling $487 million, followed by Polygon.
In 2023, a total of 464 security incidents resulted in losses of nearly $2.5 billion, as reported by SlowMist. This figure represents a 34.2% decrease in losses compared to the previous year, which saw just over 300 incidents amounting to $3.8 billion.
When analyzing the types of projects affected, decentralized finance (DeFi) emerged as the sector most frequently targeted, with over 280 security incidents in 2023. These incidents accounted for 60.7% of the total number.
The financial impact of these incidents reached $773 million, which marks a significant 62.7% decrease in losses compared to 2022. In that year, there were 183 incidents with losses totaling around $2 billion.
While Ethereum suffered the highest losses due to crypto scams, rug pulls, and hacks, reaching $487 million, Polygon also experienced significant losses due to scams and hacks, totaling $123 million.
According to the report, exit scams were the most common cause of loss, accounting for 110 cases and approximately $83 million. These were followed by account compromise attacks.
As previously reported by crypto.news, the crypto market lost a total of $2 billion in 2023. This number, though still high, represents the first decline since 2020. The REKT database from De.Fi documented at least 455 incidents in 2023, with the largest hack amounting to $231 million, attributed to Multichain. Despite the total losses, cybersecurity experts and white hat hackers were able to recover approximately $200 million.
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