Unveiling the Biggest Crypto Exploits of September 2023

September 2023 has emerged as the bleakest month for crypto, with a staggering $329.8 million stolen, causing dismay. Let’s delve into the grim details of this alarming trend.

Mixin Network Breach Shakes the Crypto World

The Mixin Network attack on September 23 shook enthusiasts, leading to an eye-popping loss of $200 million. This breach was a result of a severe security lapse in the Hong Kong-based decentralized cross-chain transfer protocol’s cloud service provider.

CoinEx Exchange and Stake.com Succumb to Attacks

The market also endured significant blows with attacks on the CoinEx exchange and Stake.com, culminating in losses of $53 million and $41 million, respectively. The Lazarus Group, a North Korean hacking collective, is suspected to be behind both of these attacks. Reportedly, the group astonishingly holds $45.6 million in crypto assets.

Crypto Exploit Tally for 2023 Climbs to Staggering Heights

The cumulative losses due to crypto exploits in 2023 have soared to a jaw-dropping $925.4 million. Notably, July stood as the second-highest month for exploit losses, with $285.8 million drained from the crypto market.

Assorted Threats Loom Large

#CertiKStatsAlert 🚨

Combining all the incidents in September we’ve confirmed ~$332M lost to exploits, hacks and scams.

Exit scams were ~$1.9M

Flash loans were ~$0.4M

Exploits were ~$329.8M

See more details below 👇 pic.twitter.com/DMFN9LWU8V
— CertiK Alert (@CertiKAlert) September 30, 2023

Aside from these high-profile breaches, the month also witnessed $1.9 million vanishing into thin air due to exit scams, $400,000 falling victim to flash loan attacks, and an additional $25 million succumbing to phishing attacks, as reported by CertiK.

Crypto Security Woes Persist

The combined tally of losses from exploits, scams, and hacks in 2023 has now reached a staggering $1.34 billion. It’s a troubling sign for the crypto industry, highlighting the persistent challenges it faces in safeguarding digital assets.

Q3 2023: A Harsh Reality Check

Blockchain security firm Beosin’s data revealed that the losses incurred in the third quarter of 2023 alone amounted to just under $890 million. Shockingly, these Q3 losses exceeded the sum of the first two quarters, which stood at $330 million in Q1 and $333 million in Q2.

The crypto market is at a crossroads, grappling with security threats that continue to evolve. As the industry navigates these turbulent waters, vigilance and robust security measures have never been more critical.