According to a report by TRM Labs, losses due to cryptocurrency hacks have dropped by almost 50% in 2023 compared to 2022, thanks to improved security in the industry.
Improving security in the cryptocurrency industry
Losses due to hacking of cryptocurrency projects reached around $1.7 billion in 2023, less than half of the $4 billion stolen from Internet protocols in 2022.
The changing nature of cyberthreats
More than 60% of total losses in 2023 resulted from infrastructure attacks, in particular the theft of private keys or compromised recovery phrases. A significant proportion of losses were due to large-scale attacks against specific targets, with the top 10 hacks responsible for around 70% of stolen funds.
Constant vigilance required
While the report records a decrease in hacking incidents, it also highlights the changing nature of cyber threats. It highlights the need for the cryptocurrency industry to remain vigilant.
Cryptocurrencies : Losses due to specific attacks
Losses due to hacks, exploits and scams in the cryptocurrency industry reached nearly $1 billion in the first eight months of 2023. The losses were caused by attacks such as the Poloniex exchange hack, which resulted in the loss of more than $100 million in digital assets, as well as the HECO Chain Bridge hack, which was responsible for the theft of more than $80 million.
Conclusion
It is important to note that while losses from cryptocurrency hacks have decreased, cyber threats continue to evolve and develop, requiring constant vigilance from the industry and the crypto community.
