Crypto Projects Lose $51.6 Million in Attacks, Phishing Scams, and Rug Pulls in October 2023: Beosin

Beosin’s security monitoring platform, Beosin EagleEye, reported that the crypto industry saw 23 security incidents in October 2023, collectively resulting in a substantial total loss of approximately $51.61 million.

These losses were attributed to a trifecta of threats: hacker attacks, phishing scams, and rug pulls.

85% Decrease in Crypto Security Incidents From September

As per the report, October witnessed an 85.6% decrease in financial losses from crypto security incidents compared to September. Hacker attacks took the biggest share, causing losses totaling around $28.33 million, while rug pull incidents amounted to approximately $12.02 million, and phishing scams contributed $11.26 million in losses.

High profile security incidents included the theft of approximately $7 million from the Fantom Foundation wallet, a significant breach of a Philippines-based crypto exchange, Coins.ph, resulting in a loss of $6 million, and a breach of the password management tool LastPass, resulting in the pilfering of around $4.4 million.

All these cases were rooted in private key compromise.

Increase in Rug Pulls Incidents

October witnessed several rug pull incidents exceeding a million dollars in losses.

Another Web3 game project named FinSoul, developed by the Fintoch team, which had previously faced allegations of fraudulent activities, was among the casualties.

Despite the staggering financial losses, the overall losses from various blockchain security incidents in October 2023 saw a significant decrease when compared to September.

Incidents involving private key leaks remained the leading cause of financial losses from hacker attacks, accounting for 67% of the total losses.

The month also witnessed two instances of Telegram bots falling victim to cyberattacks, highlighting the inherent risks associated with their usage.

Telegram Bot project Maestro and Unibot suffered a hacker attack within a week from each other, resulting in a total loss over $1 million.