BNB Chain, Ethereum Blockchains Suffer 20 Attacks in October, Taking Severe Consequences: Report

According to data from January to October 2023, more than $1.41 billion was lost to hacking and fraud in 292 unique cases.

In October 2023 alone, losses totaled nearly $22.2 million, primarily due to hacking and fraud. The most frequently targeted blockchain networks at the time were BNB Chain and Ethereum, with 83.3% of the total losses occurring between the targeted chains.

According to Immunefi, the BNB Chain experienced the highest number of individual attacks, with 11 instances, accounting for 45.8% of the total losses among the targeted chains. On the other hand, Ethereum experienced 9 events, which represents 37.5% of the total losses. Layer 1 blockchain, Avalanche trails with 2 events behind it, representing 8.3% in October. Polygon and Phantom each saw 1 event, which is 4.2% respectively. Hacking incidents continue to be the leading cause of financial loss, surpassing fraudulent activities, accounting for over $16.35 million in losses per month.

“In October 2023, hacking remains the leading cause of loss compared to fraud, embezzlement and carpet dragging. The analysis of the losses shows that fraud accounted for 26.32 percent of the total losses in October 2023, while hacking accounted for 73.68 percent.

DeFi platforms continued to be the main focus of exploitation in October, representing 100% of total losses. In contrast, not a single major exploit has been reported on SeFi platforms. In short, Q3 2018 It recorded the highest losses in 2023, mainly over $340 million in September and over $320 million in July, the Web3 bug bounty platform said in its report. An earlier report by blockchain security firm CertiK found that in September, nearly $332 million worth of various digital assets were lost to exploitation, hacking and fraud.