Crypto Projects Lose $51.6 Million in Attacks, Phishing Scams, and Rug Pulls in October 2023: Beosin

Last updated:
Author
Jai Pratap
Author Categories
About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Crypto hacks
Source: Pixabay

Beosin’s security monitoring platform, Beosin EagleEye, reported that the crypto industry saw 23 security incidents in October 2023, collectively resulting in a substantial total loss of approximately $51.61 million.

These losses were attributed to a trifecta of threats: hacker attacks, phishing scams, and rug pulls.

85% Decrease in Crypto Security Incidents From September

As per the report, October witnessed an 85.6% decrease in financial losses from crypto security incidents compared to September. Hacker attacks took the biggest share, causing losses totaling around $28.33 million, while rug pull incidents amounted to approximately $12.02 million, and phishing scams contributed $11.26 million in losses.

High profile security incidents included the theft of approximately $7 million from the Fantom Foundation wallet, a significant breach of a Philippines-based crypto exchange, Coins.ph, resulting in a loss of $6 million, and a breach of the password management tool LastPass, resulting in the pilfering of around $4.4 million.

All these cases were rooted in private key compromise.

Increase in Rug Pulls Incidents

October witnessed several rug pull incidents exceeding a million dollars in losses.

Another Web3 game project named FinSoul, developed by the Fintoch team, which had previously faced allegations of fraudulent activities, was among the casualties.

Despite the staggering financial losses, the overall losses from various blockchain security incidents in October 2023 saw a significant decrease when compared to September.

Incidents involving private key leaks remained the leading cause of financial losses from hacker attacks, accounting for 67% of the total losses.

The month also witnessed two instances of Telegram bots falling victim to cyberattacks, highlighting the inherent risks associated with their usage.

Telegram Bot project Maestro and Unibot suffered a hacker attack within a week from each other, resulting in a total loss over $1 million.

More Articles

Altcoin News
Ethereum (ETH) Slides Under $2,600 – Is a Rebound Coming?
Joel Frank
Joel Frank
2025-02-11 20:40:16
Blockchain News
What’s Happening in Crypto Today? Daily Crypto News Digest
Sead Fadilpašić
Sead Fadilpašić
2025-02-11 20:06:47
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors