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October experiences a relative decrease in cryptocurrency-related crime, with reported losses totaling $32.2 million, according to CertiK.
According to CertiK, Web3 theft reached its lowest point of the year in October. The blockchain security firm reported that losses from hacks, exploits, and scams totaled $32.2 million for the month across 38 incidents, with no single event resulting in a loss exceeding $7 million.
In contrast to the ten-month cumulative total of $1.4 billion, the losses in October were roughly a quarter of the ongoing monthly average. January recorded the second-lowest losses at $33.7 million. The statistics for October do not reflect a consistent decrease in losses but rather indicate a lack of significant incidents during that month. The 38 incidents in October also represented a quantitative low.
Major Web3 incidents in October. Source: CertiKAlert X account
CertiK’s report for the third quarter revealed that the number of incidents in July was 79, decreasing to 66 in August and 39 in September. Only exit scams increased in October, rising to four times the low recorded in September. This category reached its peak for the year in May when users of a crypto project named Fintoch lost nearly $32 million.
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Conversely, exploits peaked in September, primarily due to the $200 million loss incurred by the Mixin Network following a breach of its cloud service provider. July experienced the second-highest losses, largely attributed to the Multichain MPC bridge.
Caution: Crypto Social Media Scams are on the rise. Many of the methods used have roots in history. The combination of social media’s vast reach and cryptocurrency’s decentralized, often opaque, nature creates an ideal environment for scammers.
Let’s delve into this topic— CertiK (@CertiK) October 26, 2023
There are notable trends in crypto-related crime. CertiK recently highlighted the increase in scams utilizing social media. It referenced data from the United States Federal Trade Commission, which indicated that nearly half of the cryptocurrency scams over the past 18 months have been linked to social media, providing numerous opportunities for illicit activities, from pump-and-dump schemes to pig butchering.
In its Q3 report, CertiK identified the North Korean Lazarus Group as the “dominant threat actor.”
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