Crypto hack losses fall 37% in Q3 as tactics shift to wallets

Crypto hack losses dropped 37% in Q3 to $509 million, but September saw a record surge in million-dollar incidents, led by exchange and DeFi exploits.

Total funds lost to crypto hacks and exploits fell by almost 37% in the third quarter, as malicious actors shifted their approach from smart contract attacks to wallet-focused compromises and operational breaches. 

According to data from blockchain security firm CertiK shared with Cointelegraph, the initial losses dropped from $803 million in Q2 to $509 million in Q3, a 37% decline. Compared to Q1, when hackers stole almost $1.7 billion, Q3’s losses declined by over 70%. 

CertiK said losses from code vulnerabilities fell sharply, from $272 million in Q2 to $78 million in Q3, while phishing-related losses also declined despite a similar number of incidents.

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