Inventory of the top five hacking incidents in the Crypto field in 2023

Author: Poopman

Original compilation: Kxp, BlockBeats

Every year, the crypto space suffers from more than 100 hacks, resulting in over $200 million in personal losses. This figure makes us deeply alarmed, but also teaches us a valuable lesson. In order to better understand these incidents, I have compiled a list called ";5 largest attacks and hacking incidents in 2023", let me introduce these victims one by one.

1. Euler Finance - $197 million;

In March of this year, Euler Finance; was hacked, becoming the largest attack of 2023, with a loss of up to $197 million. The attack was caused by a flaw in the donation and liquidation logic. Attackers used flash loans to borrow a large amount of eDAI/dDAI from Euler, and donated these borrowed eDAI to Euler for liquidation, which greatly affected the exchange rate, resulting in a hacking incident. PeckShield Inc. has a detailed analysis of the attack process, be sure to read this tweet from him.

2. Atomic Wallet -; $35 million;

Just 11 days ago, Atomic Wallet; suffered a $35 million hack. The stolen funds were converted to Bitcoin and sent to a mixer called "Lazarus Group," a tool often used by the notorious North Korean hacking group "Lazarus Group." Although the exact method of the attack is unknown, I recommend Everyone; Tay; did the survey.

3. Yearn Finance - $11.54 million;

Two months ago, Yearn Finance was also hacked for $11.54 million due to a flash loan misconfiguration vulnerability. Attackers used flash loans to change balances and monopolize the Curve pool, exchanging stablecoins at significantly unbalanced prices. If you want more details, you can check out;OtterSec;'s tweet for more detailed findings.

4. MyAlgo -; $9.2 million;

MyAlgo users lost over $9.2 million in crypto assets due to a compromised Cloudflare key. The root cause is unknown, but ZachXBT gave a good overview of the situation in his tweet.

5. Safemoon — $8.9 million;

Over $8.9 million worth of cryptocurrencies have been hacked due to an apparent bug in a smart contract. The attacker exploited the burn function in the Safemoon contract, destroying SFM tokens and increasing their price as the supply dwindled. Then, the attacker dumps all the SFM into the WBNB-SFM LP pool at an exorbitant price, thereby draining the entire WBNB pool. DeFi Mark explains the situation well.

To sum it up; many of the $10M+ attacks in 2023 were due to oracle and smart contract vulnerabilities. Interestingly, zkSync experienced the most runaway incidents in 2023.

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