In the second quarter of 2023, over $300 million in digital assets were lost to crypto hacks and exploits, according to on-chain data compiled by blockchain security company CertiK for its quarterly report.
In the report, CertiK revealed that 212 security incidents occurred during the quarter.
According to the company, malicious actors drained $313,566,528 from Web3 protocols across all incidents. Compared to the second quarter of 2022, when $745 million was lost to hacks and exploits, the security firm noted a 58% decrease in the amount lost.
Despite the lower total amount recorded compared to 2022, the second quarter of 2023 saw an increase in the value lost to exit scams, which totaled approximately $70 million.
This is nearly double the roughly $31 million losses from similar scams in the first quarter.
In the second quarter of 2023, losses from flash loans and oracle manipulation exploits decreased significantly compared to the first quarter.
In the first quarter, 52 oracle manipulation attacks caused approximately $222 million in losses, with the infamous Euler Finance hack accounting for 85 percent of those losses.
In the second quarter, 54 flash loan and oracle manipulation attacks resulted in losses of approximately $23 million, a decrease of 89% compared to the first quarter.
In addition, CertiK emphasized that, of all the blockchains analyzed by the company, BNB Chain recorded the most incidents, with 119 incidents resulting in $70,711,385 in losses.
Ethereum ranked second, with 55 incidents yielding $65,999,953 to hackers.
Meanwhile, a report from PeckShield revealed that fifty percent of stolen nonfungible tokens (NFTs) are sold within three hours, indicating that hackers quickly unload their illicit gains after committing NFT theft.