Stolen Crypto Incidence Drops in 2023
In 2023, there were more than 600 major crypto hacks, resulting in a loss of around $2.16 billion. Out of this, $1.51 billion was stolen through hacks, while $1.1 billion was lost to scams. Only about $674.9 million has been recovered so far, leaving the rest of the stolen crypto missing.
Although November 2023 saw a surge in crypto hacks and scams, causing a $290 million loss for five major projects, the overall number of crypto attacks for the year was lower than the previous year.
DeFi at the Forefront of Crypto Hacks
The Decentralized Finance (DeFi) ecosystem remains a prime target for cyber thefts. About 67% of all exploits against the digital asset industry are targeted at DeFi platforms.
Last year, KyberSwap, a DeFi protocol, was hacked, resulting in the loss of $46 million in stolen crypto assets. Additionally, Justin Sun’s Poloniex exchange was attacked, with hackers stealing over $100 million worth of assets.
These incidents highlight the importance of robust regulations and security measures for digital asset platforms. Strengthening security can make it more difficult for hackers to exploit vulnerabilities and reduce the number of hacks leading to stolen crypto.
Hot Take: Stolen Crypto on the Decline in 2023
The year 2023 saw a decrease in stolen crypto incidents compared to the previous year. This decline can be attributed to the shift in market focus during the crypto winter. However, DeFi platforms remain a primary target for hackers, accounting for about two-thirds of all crypto exploits.
To protect your digital assets, it is crucial to choose platforms with robust security measures and stay informed about the latest security vulnerabilities in the crypto space.
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