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Reports State at Least $1.7B Was Lost in Hacks and Exploits During 2023


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Reports State at Least $1.7bn Was Lost in Hacks and Exploits During 2023

Several reports that have recently surfaced have revealed the extent of losses that crypto platforms and users faced during 2023 as a product of exploits and hacks. TRM Labs’ latest report states that the number ascended to $1.7 billion, while De.fi, another Web3 security firm, states that this number reaches higher, to $2 billion.

Reports Share the Extent of Damage Caused by Hacks and Exploits in 2023

At the end of 2023, several reports have surfaced estimating the funds lost due to hacks and exploits during the year. In its latest report, TRM Labs, a blockchain security analytics firm, states this number reached $1.7 billion by mid-December, with the top ten hacks netting 70% of the funds stolen.

Incidents classified as “infrastructure attacks,” which include stealing private keys that give hackers access to a crypto project’s servers or using software to steal funds, contributed almost 60% of the numbers reported.

While $1.7 billion might seem astronomical, it is less than half of the $4 billion that criminals stole last year, aided by a $600 million mega hack against the Axie Infinity linked Ronin bridge. Comparatively, the most significant incidents during this year, which involved Euler Finance, Multichain, and Poloniex, only contributed approximately $100 million each to this number.

TRM Global Head of Policy and Government Affairs Ari Redbord acknowledged the work behind this improvement. He stated:

The global focus on cybercrime is likely to, at least in part, mitigate some of the activity which is critical in order for the overwhelmingly lawful ecosystem to grow.

Nonetheless, De.fi, another Web3 cybersecurity group, puts 2023’s loss even higher, reaching $2 billion. De.fi stated this number 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.”

What do you think about the at least $1.7 billion stolen in hacks and exploits during 2023? Tell us in the comments section below.

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