Across Protocol

Exactly Protocol

Elon Musk

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 <p>The crypto industry lost $1.2 billion to hacks and rug pulls in the first eights months via 211 incidents, says a new report.</p> 
 <p><span class="s1">Hacks accounted for a substantial 67.7% of the losses, while fraud was responsible for the remaining 32.3%, said the report by <span class="s2">Immunefi,</span></span><span class="s1">&nbsp;which calls itself a bug bounty platform for Web 3 and smart contract security.</span></p> 
 <h3 id="crypto-losses-reached-23-million-in-august">Crypto Losses Reached $23 Million in August</h3> 
 <p><span class="s1">August saw losses of more than $23 million, significantly down on more than $320 million in July, the report said. Hacks continued to be the predominant cause of losses in August, accounting for almost $16 million, it said. Fraud accounted for the remainder </span><span class="s1">across four incidents.&nbsp;</span></p> 
 <p>Since its launch in early August, Coinbase-backed Base protocol has witnessed losses across four projects, sharing the top slots among targeted chains with Ethereum and BNB Chain, the report said.</p> 
 <p class="p2"><span class="s1">Ethereum took the hardest hits, experiencing five separate incidents that made up 24% of the total losses among these targeted chains. Meanwhile, Base and BNB Chain each encountered four incidents, contributing to 19% of the losses individually.</span></p> 
 <p class="p2"><span class="s1">Ethereum, Base, and BNB Chain collectively represented over half of the losses in August.&nbsp; Arbitrum, <span class="s2">Solana</span>, and Avalanche experienced one incident each, contributing 4.8% each to the total losses.</span></p> 
 <p class="p2"><span class="s1">Other chains, including Fantom and Linea, represented 14.3% of the total chain incidents, each with a single incident to their name.</span></p> 
 <p>All the losses in August came via 17 incidents against decentralized finance (Defi) platforms while Centralized Finance (CeFi) platforms held strong, the report said.</p> 
 <p class="p2"><img decoding="async" class="wp-image-435568 " style="font-weight: bold;background-color: var(--bs-body-bg);color: var(--bs-body-color);font-family: var(--bs-body-font-family);font-size: var(--bs-body-font-size);text-align: var(--bs-body-text-align)" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20859%20435'%3E%3C/svg%3E" alt="Crypto Losses Soar in 2023: $1.2 Billion Hit in Hacks and Scams, DeFi Under Fire in August" width="859" height="435" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/09/02/ea2389b42e32b0957249e2b3c715b9eb.webp 300w, https://cdn.thebittimes.com/images/2023/09/02/ea2389b42e32b0957249e2b3c715b9eb.webp 1024w, https://cdn.thebittimes.com/images/2023/09/02/ea2389b42e32b0957249e2b3c715b9eb.webp 768w, https://cdn.thebittimes.com/images/2023/09/02/ea2389b42e32b0957249e2b3c715b9eb.webp 1105w" data-lazy-sizes="(max-width: 859px) 100vw, 859px" data-lazy-src="https://cdn.thebittimes.com/images/2023/09/02/ea2389b42e32b0957249e2b3c715b9eb.webp"> 
  <noscript> 
   <img decoding="async" class="wp-image-435568 " style="font-weight: bold;background-color: var(--bs-body-bg);color: var(--bs-body-color);font-family: var(--bs-body-font-family);font-size: var(--bs-body-font-size);text-align: var(--bs-body-text-align)" src="https://cdn.thebittimes.com/images/2023/09/02/ea2389b42e32b0957249e2b3c715b9eb.webp" alt="Crypto Losses Soar in 2023: $1.2 Billion Hit in Hacks and Scams, DeFi Under Fire in August" width="859" height="435" srcset="https://cdn.thebittimes.com/images/2023/09/02/ea2389b42e32b0957249e2b3c715b9eb.webp 300w, https://cdn.thebittimes.com/images/2023/09/02/ea2389b42e32b0957249e2b3c715b9eb.webp 1024w, https://cdn.thebittimes.com/images/2023/09/02/ea2389b42e32b0957249e2b3c715b9eb.webp 768w, https://cdn.thebittimes.com/images/2023/09/02/ea2389b42e32b0957249e2b3c715b9eb.webp 1105w" sizes="(max-width: 859px) 100vw, 859px"> 
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 <p>Source: Immunefi</p> 
 <h2 class="p3" id="span-class-s1-defi-platforms-hit-by-major-attacks-span"><span class="s1">DeFi Platforms Hit by Major Attacks</span></h2> 
 <p class="p2"><span class="s1">There were attacks on two decentralized finance (DeFi) platforms Exactly and Harbor on Aug. 18. These attacks were reported by blockchain security companies DeDotFi and PeckShield.</span></p> 
 <p class="p2"><span class="s1">In the first attack on Exactly Protocol, <span class="s2">the hackers stole 4,323.6 Ether (ETH)</span>, which was worth nearly $7.3 million at that time. They then moved 1,490 ETH through the Across Protocol and 2,832.92 ETH to the Ethereum network using the Optimism Bridge.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Update: After a thorough review of the Exactly Protocol Hack, we have concluded that the total of stolen amount up to date is ~$7.2M (4323.6 $ETH)</p> 
  <p>Eventually, they bridged ~1490 $ETH, using Across Protocol, and 2,832.92 $ETH to Ethereum via Optimism Bridge:… https://t.co/s61ai1OEMd</p> 
  <p>— De.Fi 🛡️ Web3 Antivirus (@DeDotFiSecurity) August 18, 2023</p> 
 </blockquote> 
 <p></p> 
 <p class="p2"><span class="s1">In a separate incident, the interchain stablecoin protocol <span class="s2">Harbor was also attacked</span>. This resulted in losses from its stablecoin creation and various vaults that held stOSMO, LUNA, and WMATIC.&nbsp;</span></p> 
 <p class="p2"><span class="s1">The exact amount stolen is still unknown, and Harbor is actively trying to track the stolen funds and assess the full extent of the losses.&nbsp;</span></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-loses-1-2-billion-to-hacks-and-rug-pulls-in-first-eight-months-report-says-tbt61254.html">https://thebittimes.com/crypto-loses-1-2-billion-to-hacks-and-rug-pulls-in-first-eight-months-report-says-tbt61254.html</a></p>

Crypto Loses $1.2 Billion To Hacks And Rug Pulls In First Eight Months, Report Says

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