$2 billion stolen in crypto hacks in 2023, report shows

Decentralised Finance (DeFi), an emerging financial technology firm has revealed that hackers have stolen over $2 billion in cryptocurrencies so far in 2023.
The report observed that the amount of cryptocurrency stolen in 2023 is still significant, even though it is lower than the $3.8 billion stolen in 2022. While the numbers of crypto hacks and exploits appear to be decreasing, it is important to note that the figures presented in the report are a reflection of both the vulnerabilities that exist in the cryptocurrency ecosystem and the ongoing efforts to address them.
According to the report, the top crypto heists of 2023 involved a $200 million hack against Euler Finance, as well as attacks against Multichain ($126 million), BonqDAO ($120 million), Poloniex ($114 million), and Atomic Wallet ($100 million). These hacks and exploits caused significant losses for users and investors, totalling more than $600 million. The report noted that while these hacks represent a significant risk, they also highlight the importance of addressing security vulnerabilities in the cryptocurrency ecosystem.
“This amount, though dispersed across various incidents, underscores the persistent vulnerabilities and challenges within the DeFi ecosystem. 2023 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,”it stated.
According to a recent report by TRM Labs, a blockchain intelligence company, $1.7 billion has been stolen in crypto in 2023. While this number is significant, it is worth noting that 2022 saw an even larger amount of cryptocurrency stolen in hacks and exploits. The report stressed the continued risk of crypto theft and the importance of users taking steps to protect their funds.
The report noted that the top 10 hacks were responsible for nearly 70 per cent of all stolen funds in 2023, highlighting the disproportionate impact of these major hacks.
The report named several high-profile hacks, such as the attacks against Euler Finance, Multichain, and Poloniex, which each resulted in losses of $100 million. In addition, the report noted that attacks targeting infrastructure, such as private key theft, contributed to almost 60 per cent of the total stolen funds in 2023. These findings,it said, demonstrate the need for increased security measures to prevent such large-scale hacks from occurring.