Value of Stolen Crypto from DeFi Platforms Drops by 63.7% in 2023: Chainalysis
According to blockchain analysis firm Chainalysis, cybercriminals stole over 50% less value of crypto assets in 2023 compared to the previous year, primarily due to a significant decrease in hacking incidents targeting decentralized finance (DeFi) platforms.
In its latest report, Chainalysis reveals that hackers stole $1.1 billion from DeFi protocols in 2023, down from $2.5 billion in 2021 and $3.1 billion in 2022.
The number of DeFi hacks also saw a decline of 17.2% year-over-year, and the median loss per DeFi hack decreased by 7.4%.
Chainalysis suggests that the drop in value stolen from DeFi platforms indicates that operators are implementing improved smart contract security measures. Additionally, there were fewer protocols for hackers to target due to the overall decrease in DeFi activities last year.
However, Chainalysis warns that if the decline in DeFi activities is the main factor behind the decrease in hacking losses, it will be crucial to monitor whether DeFi hacking rises again during another bull market, as this would provide hackers with a larger pool of funds to target.
Hot Take
The value of crypto assets stolen from DeFi platforms experienced a significant drop in 2023 compared to the previous year, primarily due to a decrease in hacking incidents and overall DeFi activities. This decline suggests that operators are improving smart contract security measures and making it harder for cybercriminals to exploit vulnerabilities. However, it is important to remain vigilant as another bull market could lead to increased hacking attempts and potential risks for the DeFi space.
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