Hackers Steal $1.25B from Web3 Projects in 2023

Analysts from Immunefi have found that from January to August, Web3 platform losses from hackers and scammers had reached $1.25 billion.

This number increased by $23.4 million in the span of a month, with a total of 211 incidents, four of which were related to Coinbase L2 solution Base’s launch of LeetSwap, SwirlLend, Magnate Finance and RocketSwap on August 9.

Ethereum and BNB Chains were targeted with five and four successful attacks respectively, making a total of three blockchains that were responsible for 62% of all hacks.

Meanwhile, Optimism experienced two incidents (9.5%), Arbitrum, Solana, Avalanche, Phantom and Linea – one each (the remaining 28.7%).

Most of the damage suffered by Web3 projects were due to hacker attacks ($15.8 million); and another $7.6 million was lost as a result of fraud.

Immunefi’s bounty payouts reached over $80 million in August, and the platform was able to retain $25 billion in user assets in protocols such as Chainlink, The Graph, Synthetix and MakerDAO.