Hackers Steal $2 Billion in Crypto, but Trend Shows Decline
In 2023, scammers and hackers conducted multiple cyberattacks and rug pulls, resulting in the theft of around $2 billion worth of cryptocurrency, according to De.Fi, a web3 firm. De.Fi’s spokesperson highlighted the persistent vulnerabilities and challenges within the DeFi ecosystem. Their REKT database recorded 455 incidents throughout the year, with the largest hack amounting to $231 million, attributed to Multichain. However, cybersecurity experts and white hat hackers managed to recover approximately $200 million from the total amount stolen.
Ethereum Dominates as the Most Hacked Network
Ethereum emerged as the most frequently targeted network, accounting for over 70% of the stolen funds in five out of twelve months in 2023. In November alone, Ethereum was responsible for nearly 99% of all hacking incidents that occurred during that month.
Hacks and Scams Remain a Major Challenge
The prevalence of hacking and scams continues to hinder the widespread adoption of cryptocurrencies. Data from Chainalysis reveals that in 2022, the industry suffered losses exceeding $3.8 billion due to fraudulent schemes and cyber incidents.
Hot Take: The Crypto Industry Battles Against Persistent Threats
The crypto industry has been grappling with persistent threats from hackers and scammers. Despite efforts by cybersecurity experts and white hat hackers to combat these issues, criminals managed to steal $2 billion worth of cryptocurrency in 2023. While there has been a decline compared to previous years, it is clear that vulnerabilities still exist within the DeFi ecosystem. As Ethereum remains a prime target for hackers, ongoing measures need to be taken to enhance security and protect users’ assets. The industry must continue its fight against hacking and scams to foster greater trust and widespread acceptance of cryptocurrencies.
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