The Block7 minutes ago

Published on October 02, 2023 13:00 GMT+00:00edited on October 02, 2023 13:04 GMT+00:00

Web3 projects witnessed $685.5 million in losses during Q3, with major exploits on cross-chain protocols Mixin Network and Multichain accounting for nearly half of the total losses. The Q3 losses represent a 59.9% increase on the $428.7 million lost in Q2, with incidents up 153% year-over-year, according to the latest report from web3 bug bounty platform Immunefi.

The losses marked the worst quarter for the year, reaching $1.4 billion in 2023 due to hacks and fraud. “Q3 witnessed the highest loss in this year, driven by large-scale attacks such as the one on Mixin Network and Multichain”, Immunefi CEO Mitchell Amador said in the report. “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 …