As if the pessimism around crypto wasn’t enough, the industry has historically been hounded by hackers and scammers looking to make a quick buck. And to make things worse, it appears tracing and recovering lost funds is now getting harder than ever as attackers use increasingly sophisticated methods.
According to a new report, only $4.9 million was recovered of the $204.3 million the industry lost to hacks, scams and rug pulls in Q2 2023, and that was significantly less than the $6.9 million recovered in Q2 2022. However, the good news is that losses in the second quarter were 55% narrower than in Q1 2023, when the industry lost a whopping $462.3 million to hacks and scams, with the Euler Finance flash loan attack accounting for 42.4% of the first quarter’s losses, REKT’s database showed.
The report, by web3 “super app” and antivirus solution De.Fi with supporting data from the REKT dat...
