Cybersecurity Threats: Flash Loan Attacks, Exit Scams, and Exploits in 2023
In 2023, cybercriminals have targeted the crypto space and caused over $997 million in losses through flash loan attacks, exit scams, and exploits, according to CertiK, a blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. More security firm. In August alone, malicious actors stole more than $45 million in digital assets. Notable incidents include the Zunami Protocol attack, which resulted in $2.2 million in losses, the Exactly Protocol exploit with $7.3 million lost, and the PEPE coin withdrawal incident leading to $13.2 million in losses. Despite the high losses, August saw a decrease compared to the previous month. Multichain, a Web3 data outlet, recorded $486 million in total losses in July, including $231 million from the Multichain exploit. The halt of Multichain’s operations was attributed to funding issues and the unavailability of their CEO. These cybersecurity threats continue to pose a significant risk to the crypto industry.
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