Web3 has witnessed losses of $1.25 billion over 211 incidents in 2023, with August accounting for $23.4 million alone as projects on the newly launched Ethereum Layer 2 Base added to major exploits.

The Coinbase-incubated Base network suffered losses across four separate projects since launching on Aug. 9, placing it alongside Ethereum and BNB Chain as one of the most targeted chains, according to the latest report from web3 bug bounty platform Immunefi. 

Ethereum suffered the most attacks, seeing five incidents across protocols based on the network. BNB Chain saw four incidents, as did Base with exploits at LeetSwap, SwirlLend, Magnate Finance and RocketSwap. Together, these three chains accounted for 62% of all chain losses in August.

Optimism encountered two incidents, making …