In 2023, an estimated $1.8 billion was lost to hackers and scammers in the Web3 space. Nearly one-fifth of these losses were attributed to the Lazarus hacker group, which has connections to North Korea.

According to data from the blockchain security platform Immunefi, the biggest hack of the year occurred on the peer-to-peer trading platform Mixin Network, resulting in over $200 million in losses for crypto investors. This was followed by a $197 million exploit on the credit platform Euler Finance, and a $126 million hack on the Cross-Chain Bridge protocol Multichain.

The Lazarus Group, as reported by online magazine Cointelegraph, has been identified by law enforcement agencies as responsible for losses totaling around $309 million. This cybercriminal organization, with ties to North Korea, accounted for approximately 17% of the overall damage.

Among Lazarus’ targets were the Atomic Wallet hack ($100 million), CoinEx ($70 million), and Alphapo ($60 million).

The majority of the lost funds were a result of hacks rather than fraud. Only $103 million was lost due to clearly identifiable fraud attempts such as Rug Pulls, while hacks and exploits resulted in over $1.6 billion in damages. The protocols that claimed to be decentralized were responsible for the most significant losses, totaling $1.3 billion.

The total losses of $1.8 billion represent a decrease of over 52% compared to the previous year when the blockchain security platform Chainalysis reported $3.8 billion in stolen funds.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	Atomic Wallet, Multichain, Mixin Network, CoinEx, Euler Finance, Alphapo
Currencies	None
Securities	None