Hackers stole billions of dollars of crypto in 2023
Since its inception, hackers have stolen more cryptocurrencies every year than the year before until 2023, new research shows.
Data presented on the REKT platform, which tracks all the various crypto-related hacks and thefts, shows that hackers have stolen a total of $1.83 billion in 2023.
βThis amount, although spread across several incidents, underlines the ongoing vulnerabilities and challenges within the DeFi ecosystem,β De.Fi wrote in its paper, TechCrunch reported. β2023 was a testament to both the lingering vulnerabilities and the steps taken to address them, even as interest in this space was relatively subdued due to the ongoing bear market in the first half of the year.β
Weakest link
The largest incident occurred on Multichain, with more than $230 million lost on the bridge in early July. Other notable mentions include Euler Finance ($196 million), Mixin Network ($142 million), and Poloniex ($122 million).
While almost $2 billion is a lot of money, this is the first time ever that hackers have stolen less than the year before. Blockchain analytics firm Chainalysis reported that $3.8 billion was stolen last year and $3.3 billion in 2021. Most of the money stolen in these incidents went to Lazarus Group, a notorious North Korean state-sponsored threat actor, which reportedly helps finance the country's activities. nuclear program with the stolen money.
βIt is no exaggeration to say that cryptocurrency hacking is a significant part of the country's economy,β Chainalysis said at the time.
REKT has been tracking hacks and crypto breaches back to mid-2011, and in total more than $77 billion has been stolen. At the same time, $6.6 billion has been recovered by law enforcement and other agencies.
While the networks of the largest chains, such as Bitcoin and Ethereum, remain secure, the surrounding infrastructure is where most hacks occur, with credit protocols, bridges and the like remaining the sector's weakest link.