Immunefi, the leading bug bounty and security services platform for web3, published its Crypto Losses in Q3 2023 Report. According to the report, the crypto industry lost a total of $685,510,444 in Q3 of 2023, bringing the total losses across the ecosystem to $1,388,475,506 YTD. The number of single incidents increased 153% YoY from 30 to 76 in Q3 2023, and the total losses are up 59.9% from Q3 2022.The two major exploits of the quarter, Mixin Network and Multichain, totaled $326,000,000 alone, accounting for 47.5% of all losses in Q3 2023. The Lazarus Group was responsible for $208,600,000 stolen, representing 30% of the total losses in Q3 2023. Hacks continued to be the predominant cause of losses at 96.7%, while frauds, scams, and rug pulls amounted to only 3.3% of the total losses.DeFi continued to be the main target of successful exploits at 72.9%, while CeFi accounted for 27.1% of the total losses. Ethereum and BNB Chain were the two most targeted chains in Q3 2023, with 35 and 25 incidents respectively. In total, $61,169,000 has been recovered from stolen funds in 6 specific situations.Mitchell Amador, CEO of Immunefi, said “Q3 witnessed the highest loss in this year, driven by large-scale attacks such as the one on Mixin Network and Multichain. State-backed actors played a crucial role as they were allegedly behind several cases this quarter. Their particular focus on CeFi led to a sharp surge in losses within this sector.”Immunefi is the largest and most widely adopted bug bounty platform in web3, trusted by established, multi-billion dollar projects like Chainlink, Wormhole, MakerDAO, TheGraph, Synthetix, and more. The company has paid out the most significant bug bounties in the software industry, amounting to over $80 million, and has saved over $25 billion in user funds.The full report is available on Immunefi’s website. In addition, Immunefi has published the Crypto Losses in Q2 2023, Crypto Losses in Q1 2023, Hacker Ecosystem Survey 2023, Hacks & Token Prices Report, and Top Crypto Bounty and Ransom Payouts Report.

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Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	8
People	Mitchell Amador,
Companies	Mixin Network, Lazarus Group, CoinsPaid, Immunefi, Multichain
Currencies	BNB, Ethereum, Mixin, Bitcoin, Multichain
Securities	None