The total volume of cryptocurrency lost to hacks and exploits decreased by nearly 37% in the third quarter. This occurred as attackers shifted their focus from smart contract attacks to wallet compromises and operational disruptions.
According to the company’s data BlockCertiK’s security losses decreased from $803 million in the second quarter to $509 million in the third quarter. Compared to the first quarter, when hackers stole nearly $1,7 billion, losses in the third quarter decreased by 70%.
According to experts, losses from code vulnerabilities dropped sharply from $272 million in the second quarter to $78 million in the third quarter. Losses from phishing also decreased, despite the same number of incidents.
The reduction in losses from hacker activity occurred despite a record-breaking September, which saw the highest number of incidents ever recorded. In the first month of autumn alone, 16 incidents were recorded, with damage exceeding $1 million. By comparison, the previous monthly record of 14 incidents was set in March 2024.
According to CertiK, centralized exchanges suffered the largest losses during the quarter, with $182 million stolen.
Exchanges, like projects DeFi, remain attractive targets for attackers, especially state-sponsored groups, a CertiK spokesperson said.
In second place were DeFi-projects that lost $86 million due to hacks in the third quarter. One of the largest hacks was an attack on the decentralized exchange GMX v1, in which a hacker stole $40 million. However, he later returned the funds and received $5 million in rewards.