Ethereum

The development of the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto</a> industry has been accompanied by an increase in the number of theft scams and “<a href="https://finbold.com/guide/rug-pull-definition/" rel="noopener noreferrer nofollow">rug pulls</a>,” both of which continue to be an issue.Notably, malicious actors were responsible for the theft of $313 million from <a href="https://finbold.com/guide/liquidity-mining-definition/#yield-farming-vs-staking-vs-liquidity-mining" rel="noopener noreferrer nofollow">DeFi</a> during the second quarter of 2023, according to the Q2 2023 Web3 Security Report shared with Finbold on July 5 by Web3 security company CertiK.Over one hundred incidents occurred on the <a href="https://finbold.com/guide/binance-smart-chain/" rel="noopener noreferrer nofollow">BNB Chain</a>, resulting in user losses of roughly $71 million. <a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> reported approximately 55 events, which resulted in user losses of approximately $66 million.While <a href="https://finbold.com/cryptocurrency/avalanche/" rel="noopener noreferrer nofollow">Avalanche</a> had just one occurrence that resulted in a small loss of around $3,500, Arbitrum had 14 separate incidents that resulted in damages of almost $14 million, while <a href="https://finbold.com/guide/how-to-buy-polygon-matic/" rel="noopener noreferrer nofollow">Polygon</a> was subject to four occurrences, which resulted in approximately $2.4 million being stolen.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/e13150879a814216aa5d6cec97abbabd.jpg" />2023 Q2 statistics by chain. Source: CertiKAlthough the most recent statistic is quite similar to the losses sustained in the preceding quarter, it indicates a 58% decrease from the enormous $745 million lost over the same period in the previous year.The data also showed an increase in exit scams, popularly known as “<a href="https://finbold.com/revealed-historys-10-biggest-crypto-rug-pulls/" rel="noopener noreferrer nofollow">rug pulls</a>” in the cryptocurrency industry. These scams are responsible for tripling the amount of money lost by investors, although other forms of assaults, such as flash loans and oracle manipulation vulnerabilities, witnessed a decrease.<h2 id="header-0">Surge in exit scams — rug pulls</h2>Flash loan and oracle exploits have been mitigated thanks to implementing better security mechanisms in DeFi protocols, such as decentralized oracles and built-in defences. This might possibly result in a lower success rate for these types of attacks.A stunning 98 exit scams were reported during the second quarter, resulting in an almost $70 million loss for unwary investors. This is a significant increase compared to the $31 million lost due to rug pulls during the first quarter.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/d863f8aec7ed45d39340f961c1c177b6.jpg" />2023 Q2 statistics by type. Source: CertiKAs it becomes more difficult for these assaults to be successful, digital criminals are resorting to different techniques, such as rug pulls.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Malicious actors drain over $135 million from Ethereum and BNB Chain in Q2, 2023

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