December 2023: A Noteworthy Month for Crypto Theft
In December 2023, there was a significant exploit on the Orbit Bridge, making it the fifth-largest month for hacks in the year. The breach resulted in the loss of $81.5 million worth of cryptocurrency, making it the ninth-largest assault on cross-chain bridges in the past three years.
Orbit Chain’s Response to the Attack
The Orbit Chain team quickly took action by requesting bitcoin exchanges worldwide to freeze the stolen money. They also collaborated with law enforcement to recover and secure the assets.
Crypto Losses in December 2023
The attack on Orbit Bridge contributed significantly to the overall losses in the cryptocurrency landscape, which amounted to around $100 million in December. Throughout 2023, crypto losses from hacks, frauds, and exploits ranged from $1.51 billion to $2 billion. September and November were particularly devastating months, with losses exceeding $700 million.
Other High-Profile Attacks in 2023
2023 witnessed several notable attacks in the cryptocurrency industry. The Mixin Network lost $200 million in September, while Poloniex and HTX/Heco Bridge suffered exploits resulting in losses of $131.4 million and $113.3 million respectively. The Euler Finance attack caused a loss of $197 million in March, and the Multichain breach led to a loss of $125 million in July.
Improvements in Blockchain Security
In comparison to the previous year, 2023 saw a decrease in hacks, phishing scams, and rug pulls according to blockchain security company Beosin. Total losses amounted to around $1.4 billion, indicating a decline of approximately 61.2% from the previous year. This suggests that the blockchain security environment is improving, along with the effectiveness of remedies implemented by the cryptocurrency community.
Hot Take: The Road to Improved Blockchain Security
Despite notable attacks in 2023, the decline in crypto losses indicates progress in the realm of blockchain security. With increased measures and collaboration between industry players and law enforcement, the crypto community is working towards a more secure future.
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