According to a report by TRM Labs, losses from cryptocurrency hacks dropped by nearly 50% in 2023 compared to 2022, thanks to improved security across the industry.
Improved security in the cryptocurrency industry
Losses due to hacks of cryptocurrency projects reached approximately 1.7 billion dollars in 2023, which is less than half of the 4 billion dollars stolen from internet protocols in 2022.
Changing nature of cyber threats
More than 60% of the total losses in 2023 resulted from infrastructure attacks, particularly private key thefts or compromised recovery phrases. A considerable portion of the losses is due to large-scale attacks against specific targets, with the top 10 hacks accounting for about 70% of the stolen funds.
Constant vigilance required
Although the report notes a decrease in hacking incidents, it also highlights the changing nature of cyber threats. It emphasizes that the cryptocurrency industry must remain vigilant.
Cryptocurrencies: losses due to specific attacks
Losses from hacks, exploits, and scams in the cryptocurrency industry reached nearly 1 billion dollars during the first eight months of 2023. The losses were caused by attacks such as the hack of the Poloniex exchange, which resulted in a loss of over 100 million dollars in digital assets, as well as the hack of the HECO Chain bridge, which was responsible for the theft of over 80 million dollars.
Conclusion
It is important to note that although losses from cryptocurrency hacks have decreased, cyber threats continue to evolve and grow, requiring constant vigilance from the industry and the crypto sector community.
