Danger! IDR 9.8 Trillion of Crypto Lost Due to Fraud and Hacking during Semester I 2023

Liputan6.com, Jakarta – According to a June 30 report by security firm Web3 Beosin, the total value of cryptocurrencies lost in scams to hacks reached USD 656 million or equivalent to IDR 9.8 trillion (assuming exchange rate of IDR 15,040 per US dollar) during the first half of 2023.

Reported from Cointelegraph, Thursday (6/7/2023), for hacking, the numbers showed a significant decrease. In the first half of 2023 losses from hacks reached USD 471.43 million or equivalent to IDR 7 trillion in 108 protocol attacks.

Whereas in the second half of 2022, where the hack caused a loss of USD 1.69 billion or the equivalent of IDR 25.4 trillion.

Most of the crypto that was lost in the first half of 2023 was coins and tokens minted on the Ethereum blockchain, accounting for 75.6 percent. Meanwhile, the second largest stolen asset class, Binance Smart Chain tokens, only made up 2.6 percent.

Additionally, most of the cryptocurrencies stolen were lost due to smart contract vulnerabilities (56 percent), while 21.4 percent had no apparent reason for the loss.

Nevertheless, the numbers showed a significant decline during H2 2021, when a record USD 2.1 billion or IDR 31.5 trillion in crypto was lost due to hacks, phishing scams and tapestry withdrawals.

In data compiled by Beosin and Footprint Analytics, only one project was hacked by more than USD 100 million or the equivalent of Rp. 1.5 trillion, namely the hacking of flash loans worth USD 195 million or the equivalent of Rp. 2.9 trillion from Euler Finance on March 13. The company opened a redemption on April 12 after hackers returned most of the stolen assets.

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