Immunefi Crypto Losses Report August 2023
ANALYSIS
- In total, we have seen a loss of $1,245,020,621 to hacks and rug pulls in 2023 from January to August across 211 specific incidents.
- In August 2023 alone $23,366,220 were lost due to hacks and fraud.
- Since its launch in early August, Coinbase-backed Base protocol has witnessed losses across four projects, sharing the top of targeted chains with Ethereum and BNB Chain.
- Hacks continue to be the predominant cause of losses as compared to frauds. In August 2023, a total of $15,812,809 was lost due to hacks.
- In August 2023, DeFi was the main target for exploits, while CeFi hasn't witnessed a single major exploit.
Hacks vs. Fraud Analysis
In August 2023, hacks continue to be the predominant cause of losses as compared to frauds, scams, and rug pulls. An analysis of the losses shows that fraud accounts for 32.3% of the total losses in August 2023, while hacks account for 67.7%.
OVERVIEW
- Hacks In total, we have seen a loss of $15,812,809 to hacks in Agust 2023 across 13 specific incidents.
- Fraud In total, we have seen a loss of $7,553,411 to fraud in August 2023 across 4 specific incidents.
DeFi vs. CeFi Analysis
In August 2023, DeFi continues to be the main target for exploits, compared to CeFi. DeFi represents 100% of the total losses, while CeFi hasn't witnessed a single major exploit.
OVERVIEW
- DeFi DeFi has suffered $23,366,220 in total losses in August 2023 across 17 incidents.
- CeFi CeFi hasn't witnessed a single major exploit during August 2023.
Losses by Chain
The most targeted chains in August 2023 were Ethereum, Base and BNB Chain. Ethereum suffered the most individual attacks with 5 incidents, representing 24% of the total losses across targeted chains. Base and BNB Chain witnessed 4 incidents each, representing 19% respectively.
OVERVIEW
- Ethereum, Base and BNB Chain represent more than half of the chain losses in August 2023 at 62%, followed by Optimism with 2 incidents, representing 9.5%. Arbitrum, Solana and Avalanche witnessed 1 incident each, representing 4.8% respectively. Remaining chains like Fantom, Linea and others together represent 14.3% of the total chain incidents, all with single incidents.
INSIGHTS
- Since its launch in early August, Coinbase-backed Base protocol has witnessed losses across four projects, sharing the top of targeted chains with Ethereum and BNB Chain.
Crypto Losses August 2023
TOTAL LOSSES YTD
$1,245,020,621
IN AUGUST $23,366,220
MAJOR LOSSES
| Project | Loss |
|---|---|
| Exactly | $7,300,000 |
| Magnate Finance | $6,400,000 |
| Zunami Protocol | $2,200,000 |
| Steadefi | $1,148,309 |
| Cypher | $1,100,000 |
HACKS VS. FRAUD
| Hacks | $15,812,809 |
| Fraud | $7,553,411 |
DEFI VS. CEFI
| DeFi | $23,366,220 |
| CeFi | $0 |
TOP LOSSES BY CHAIN
| Chain | Incidents |
|---|---|
| Ethereum | 5 |
| Base | 4 |
| BNB Chain | 4 |
| Optimism | 2 |
Disclaimer:
- Immunefi uses publicly available data and news reports in order to access and collect alleged frauds, scams, and rug pulls. Including such incidents in this report does not constitute a determination from Immunefi that a fraud, scam, or rug pull event did occur.
Notes:
- Immunefi assesses the volume of crypto funds lost by the community due to hacks and scams by reviewing, validating, and classifying publicly available data. In this report, Immunefi considered only rug pulls for its fraud category. A rug pull is a project that creates an image of credibility and attracts outside capital through token sales or other means with the sole purpose of stealing deposited user funds and disappearing.
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For questions about this study or Immunefi itself, reach out at press@immunefi.com
About Immunefi
Immunefi is the leading security platform for crypto, protecting more than $180 billion in user funds, and securing protocols across the full development lifecycle, from pre-deployment through production.
