DeFi faces higher risks and lower yields, with a 15% TVL drop.
A total of $685,510,444 was lost during the third quarter of 2023.
While crypto enthusiasts are currently rejoicing in the market’s upward momentum, there are still individuals who haven’t moved on from the challenges of Q3 2023. The quarters of July, August, and September of 2023 marked a bear-driven phase with staggering losses across the Web3 ecosystem.
In total, $685,510,444 was lost during Q3 2023, with $662,850,580 falling victim to hacks in 49 specific incidents and $22,659,864 lost to fraud across 27 specific incidents.
DeFi in particular, proved to be highly susceptible to scams, rug pulls, and hacks during the tumultuous quarter. DeFi accounted for 72.9% of the total losses, leaving CeFi with just 27.1%.
Q3 2023: A Risky Space?
Q3 2023 witnessed a surge in the number of attacks, with the number of single incidents increasing by a staggering 153% compared to the previous year, jumping from 30 to 76. The total l
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