In 2023, scams, rug pulls, and exploits led to the theft of roughly $1 billion in bitcoin, claims cybersecurity company Certik. The business emphasized that the total losses from the occurrences in August alone totaled $45.8 million.
Certik Analysis: Cryptocurrency Losses Near $1 Billion
According to the digital security and smart contract auditing company Certik, $45.8 million was stolen last month through a variety of exploits, hacks, and ruses. With a whopping $13.2 million, the PEPE token exit fraud claimed first place in August. The Exactly Protocol event came in second place with $7.3 million.
According to Certik, generic exploits cost $13.5 million in August, flash loans cost $6.4 million, and exit scams cost $26 million in losses. Additionally, according to Certik's investigation, fraudulent activity of $997,345,346 was committed in 2023 through scams, exploits, rug pulls, and flash loans. When it comes to the money stolen through illegal means in 2023, July has taken the lead thus far in the year.
The biggest month for exit scams was May, but the latest PEPE event put August dangerously close to that number. There have been a few flash loan attacks throughout the year, but the number significantly increased in March when more than $200 million was stolen through these attacks. Attacks on flash loans cost $261 million in total.
According to Certik's research, exploits totaled $596 million in 2023, of which $137 million was attributable to exit scams. Although PEPE was the biggest exit fraud in August, the Zunami Protocol attack ended up being the biggest flash loan problem that month. The Exactly Protocol event, meanwhile, ended up being August's most important exploit.
What do you think of Certik's report on the instances involving cryptocurrency scams, hacks, and exploits in 2023? Post your ideas and viewpoints on this topic in the comments area below.