Q3 2023 – 700M losses the Most Financially Devastating Quarter for Crypto

The third quarter of 2023 marked a grim milestone for the cryptocurrency sector, with record-breaking losses nearing $700 million, dubbing it the "most financially damaging" quarter of the year​​. The losses were substantially higher compared to the first and second quarters, which saw losses of $320 million and $313 million, respectively​​. The most devastating incidents leading to these colossal losses were primarily attributed to security breaches, particularly through private key compromises, which accounted for over $204 million across 14 incidents​​.…