Decline in Crypto Hacking Incidents in 2023
Despite the loss of approximately $2 billion to crypto thefts, there has been a slight decrease in hacking incidents targeting the cryptocurrency industry in 2023, according to a recent report from De.FI. This is the first decline in crypto hacking incidents since 2021. While the amount stolen is still significant, it is encouraging to see progress being made in addressing the vulnerabilities within the decentralized finance (DeFi) ecosystem.
Highlights of Hacking Incidents in 2023
- The Ronin network breach in 2022 resulted in the theft of over $600 million in crypto.
- The recent attack on Mixin Network resulted in a haul of approximately $200 million.
- Euler Finance suffered a devastating hack, leading to losses of nearly $200 million.
- Other major breaches targeted Multichain ($126 million), BonqDAO ($120 million), Poloniex ($114 million), and Atomic Wallet ($100 million), among others.
These incidents highlight the ongoing vulnerabilities and challenges within the DeFi ecosystem. The persisting vulnerability serves as a reminder of the continuous cat-and-mouse game between security measures and cyber threats, as mentioned by Raz Niv, co-founder and CTO at the Web3 security company Blockaid.
Previous Years’ Statistics
In 2022, cybercriminals stole a total of $3.8 billion in the crypto realm, with the Lazarus Group, a North Korean government hacking group, accounting for $1.7 billion of that total. Their activities were aimed at funding the country’s nuclear weapons program in violation of international sanctions.
In 2021, hackers managed to seize $3.3 billion in digital assets, according to data from Chainalysis.
It is important to note that the adaptability of hackers plays a significant role in their success. Kate Kurbanova, co-founder of the risk management firm Apostro, emphasizes that hackers are highly adaptable and the relationship between security measures and cyber threats is constantly evolving.
