Private Key Compromises, Exit Scams and Hacks Lead to Over $500M in Crypto Losses in Q3 2023

Private key compromises were the most damaging in Q3 2023, leading to over $204M in losses across 14 incidents.
Exit scams took over $55M across 93 incidents in Q3.
Oracle manipulation incidents led to over $16M in losses across 38 incidents.
The Mixin Network exploit was the biggest crypto hack in Q3, draining $200M.
North Korea-affiliated hacking group Lazarus was still a dominant threat actor, causing $291M+ in losses in 2023.

cointelegraph.com

Relevant topic timeline:

8/10/2023

People are losing more money to scammers than ever before. Here's how to keep yourself safe

Main Topic: Scammers using technology to trick Americans out of money. Key Points: 1. Reported consumer losses to fraud in 2022 reached $8.8 billion, a 30% increase from 2021. 2. Investment scams, including cryptocurrency schemes, accounted for the biggest losses, totaling over $3.8 billion. 3. Scammers target vulnerable individuals through various channels, including social media, text, phone, and email. Awareness of common scams and taking precautions can help protect against fraud.

9/13/2023

Hackers Steal $53M in Cryptocurrency from CoinEx Exchange; Losses Traced to North Korean Group Lazarus

CoinEx, a global cryptocurrency exchange, suffered a hack where large amounts of digital assets were stolen, with preliminary estimates suggesting a loss of around $43 million, possibly linked to the North Korean hacking group Lazarus.

9/18/2023

Federal Reserve Reveals $100 Billion in Losses as High Interest Payments Outpace Earnings

The U.S. Federal Reserve has revealed accumulated losses of $100 billion in 2023, a situation that is expected to worsen for the Fed, but it may be a blessing in disguise for risk assets like Bitcoin. The losses are a result of interest payments on the Fed's debt surpassing its earnings, leading to concerns about the impact on interest rates and the demand for scarce assets like BTC.

10/6/2023

MGM Resorts Loses $100 Million After Hackers Attack Vegas Hotels, Steal Guest Data

The cyberattack on MGM Resorts in Las Vegas resulted in the company losing approximately $100 million, highlighting the significant financial impact major companies face when targeted by hackers.

10/6/2023

Crypto Hacks Soar, Causing Over $1 Billion in Losses This Year

A new report reveals that over $1 billion was lost in crypto this year, with $600 million lost in the last quarter due to an increase in successful hacks and specific events, highlighting a significant power law distribution in terms of the level of impact and loss.

10/14/2023

Crypto Carnage: Major Exchanges Fined and Fail as Market Meltdown Claims Victims

Major crypto disasters in the past two years include SEC scrutiny of Binance, the collapse of FTX, bankruptcy filings from Celsius, BlockFi, Genesis, and Three Arrows Capital, and a $100 million settlement for Coinbase with New York regulators.

Topics

Posted 10/2/2023, 9:45:00 AM

Private Key Compromises, Exit Scams and Hacks Lead to Over $500M in Crypto Losses in Q3 2023

Private key compromises were the most damaging in Q3 2023, leading to over $204M in losses across 14 incidents.
Exit scams took over $55M across 93 incidents in Q3.
Oracle manipulation incidents led to over $16M in losses across 38 incidents.
The Mixin Network exploit was the biggest crypto hack in Q3, draining $200M.
North Korea-affiliated hacking group Lazarus was still a dominant threat actor, causing $291M+ in losses in 2023.

cointelegraph.com

Relevant topic timeline:

8/10/2023

People are losing more money to scammers than ever before. Here's how to keep yourself safe

9/13/2023

Hackers Steal $53M in Cryptocurrency from CoinEx Exchange; Losses Traced to North Korean Group Lazarus

9/18/2023

Federal Reserve Reveals $100 Billion in Losses as High Interest Payments Outpace Earnings

10/6/2023

MGM Resorts Loses $100 Million After Hackers Attack Vegas Hotels, Steal Guest Data

The cyberattack on MGM Resorts in Las Vegas resulted in the company losing approximately $100 million, highlighting the significant financial impact major companies face when targeted by hackers.

10/6/2023

Crypto Hacks Soar, Causing Over $1 Billion in Losses This Year

10/14/2023

Crypto Carnage: Major Exchanges Fined and Fail as Market Meltdown Claims Victims