Crypto losses decreased by 85% in October 2023

The crypto losses in October amounted to $51.6 million, an 85% decrease compared to September 2023.

The crypto market in October 2023 suffered over 23 security incidents, such as hacker attacks, phishing scams, and rug pulls, resulting in a total loss of more than $51.6 million worth of crypto, blockchain firm Beosin revealed in a recent report.

According to the firm, despite the multi-million losses, October saw an 85.6% decrease in stolen funds compared to September 2023. Most funds were stolen due to hacker attacks, accounting for approximately $28.3, followed by rug pull incidents with $12 million in lost funds. Phishing scams resulted in about $11.2 million in losses, Beosin added.

As noted by another analytic blockchain firm, CertiK, the largest hack attack in October targeted the Fantom Foundation wallet, which lost around $7 million worth of crypto. Beosin emphasized that incidents related to the Fantom Foundation, Coins.ph, and LostPass had one thing in common: private key compromise.

In total, the crypto industry lost nearly $890 million to hacks, scams, and rug pulls in Q3, 2023. As Beosin analysts earlier noted, over $540.16 million were lost in 43 cyber-attacks per Q3, with almost $283 million and more than $66 million lost in 81 rug pulls and phishing scams, respectively.