Hackers stole $2 billion in cryptocurrencies in 2023 – Report

Hackers stole $2 billion in cryptocurrencies in 2023 – ReportHackers stole $2 billion in cryptocurrencies in 2023 – Report

A report by De.FI, the security firm that runs the REKT database, has revealed that hackers stole approximately, $2 billion in cryptocurrencies through multiple cyberattacks and thefts in 2023.  

However, going by the 2022 record of around $3.8 billion stolen in crypto, the amount stolen in 2023 is a decline. According to De.FI, the 2023 data is a testament to vulnerabilities and efforts being made to address them.  

The report listed top crypto heists recorded this year including the hack against Euler Finance, in which hackers stole almost $200 million; as well as major hacks against Multichain ($126 million), BonqDAO ($120 million), Poloniex ($114 million), and Atomic Wallet ($100 million), among hundreds of others. 

  • This amount, though dispersed across various incidents, underscores the persistent vulnerabilities and challenges within the DeFi ecosystem2023 stood as a testament to both the ongoing vulnerabilities and the strides made in addressing them, even as interest in the space was relatively muted by the ongoing bear market in the first half of the year, De.FI stated in the report.  

Related Post: CBN Lifts Ban On Cryptocurrency Transactions In Banks

Previous report 

The report from De.FI corroborates an earlier report by TRM Labs, which revealed that $1.7 billion had been stolen in crypto as of mid-December 2023. 

TRM Labs noted that even with any additional hacks in December, this year will likely finish with significantly lower totals than 2022. Last year’s tally of almost $4 billion from crypto hacks included several large thefts, such as a $600 million-plus attack on a blockchain network called Ronin Bridge that was connected to the Axie Infinity game. 

  • “While we are always one Ronin-size hack away from a record-setting year, the global focus on cybercrime is likely to, at least in part, mitigate some of the activity which is critical for the overwhelmingly lawful ecosystem to grow,” said Ari Redbord, global head of policy and government affairs at TRM. 

The top 10 hacks had netted criminals almost 70% of all stolen funds this year, TRM found. Attacks against the decentralized lending app Euler Finance, Multichain bridge connecting different blockchains, and Poloniex crypto exchange netted $100 million each, for example. 

TRM added that Infrastructure attacks such as private-key theft that gives hackers access to a crypto project’s servers or software to steal funds or manipulate trades contributed to nearly 60% of the total stolen this year. 

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