Malicious actors drained more than $320 million of value from Web3 protocols in the first quarter of 2023, while off-chain, Q1 saw some significant events for the crypto industry.

So far in 2023, $~315M has been lost to various scams and exploits in the Web3 world and a total of 205 attacks attacks recorded this year so far.

Exit scams, popularly referred to as rug pulls, are an ongoing criminal scheme in Web3. A rug pull involves fraudsters robbing a crypto project by liquidating their holdings without warning and leaving investors holding worthless tokens.