Crypto Scams Hit Fifth Highest Record in December With Over $100M Stolen

Certik, a Blockchain Security firm, revealed that the recent cross-chain hack on Orbit Bridge has seen crypto scams hit the fifth-highest record in December, with over $100M Stolen.

Blockchain security firm PeckShield confirmed on Jan 1 that $81.5M was drained from the Orbit Bridge chain, pushing the December crypto scam to the fifth-highest in recent times.

#PeckShieldAlert Hackers stole ~$99.3 million across over 36 attacks in December.
The Cross-chain #OrbitBridge suffered an $81.5 million exploit on New Year’s Eve, marking it as the 9th top hack targeting a cross-chain bridge in the last 3 years pic.twitter.com/6oGqu7gjLo

— PeckShieldAlert (@PeckShieldAlert) January 1, 2024

Certik supported the claim with a post on X(formerly Twitter), illustrating the hacks perpetrated in 2023 with figures from months with the highest crypto scams emboldened.

Orbit Bridge, aiding interoperability among blockchains and DApps, sought major crypto exchanges to freeze stolen assets.

July and September recorded the highest loss to crypto scams.

The trio of July, September, and November saw a total of $1.8BN lost to crypto scams. Reports from blockchain security firms claimed a total of $2B was missing due to crypto exploits in 2023.

September and November recorded the highest tall with over $700M drained from crypto wallets, as per PeckShield.

The famous Mixin network hack also saw $200M missing in a clustered web of crypto scams across 2023.

Beoisin, the blockchain security firm, revealed a reduction in losses compared to 2022.
Last year saw a whooping $4.38B stolen in crypto asses as to 2023 with about $2B.

In 2023, total losses from hacks, phishing scams, and rug pulls in Web3 reached $2.02 billion.

From 2022 to 2023🔽
Total: $4.38B -> $2.02B, -53.87%
Hacks: $3.6B -> $1.39B, -61.24%
Rug Pulls: $425M -> $388M, -8.7%
Phishing: $356M -> $238M, -33.17%

Check Beosin's report🔽 https://t.co/W7GqRdoG1H pic.twitter.com/LU7DXETtm5

— Beosin Alert (@BeosinAlert) January 2, 2024

Experts suggest stringent regulations and improved security can be credited with this development.

Notwithstanding, 2022 witnessed the most devastating losses, ranging from FTX, Ronin Network, and other significant hacks, rug pulls, and attacks.