For the first time since 2020, the trend of crypto theft by hackers is on the decline, according to crypto security firms. This year, hackers managed to steal approximately $2 billion in crypto through numerous cyberattacks and thefts. De.FI, a web3 security firm that operates the Rekt leaderboard, revealed these findings. The Rekt leaderboard ranks the worst-ever crypto hacks, including the breach of the Ronin network in 2022, where hackers stole over $600 million, and the recent hack against Mixin Network, which resulted in hackers netting around $200 million.
Key Takeaway
Hackers stole approximately $2 billion in cryptocurrency in 2023, marking a decline from the previous year. The persistent vulnerabilities in the DeFi ecosystem and the substantial monetary value held by crypto and web3 projects make them attractive targets for hackers.
Challenges and Progress in the DeFi Ecosystem
De.Fi emphasized that while the stolen amount was spread across various incidents, it highlights the persistent vulnerabilities and challenges within the DeFi ecosystem. The firm’s report also underscored that 2023 served as a testament to both the ongoing vulnerabilities and the progress made in addressing them, despite relatively muted interest in the space due to the ongoing bear market in the first half of the year.
Estimates and Notable Thefts
TRM Labs, a blockchain intelligence company, estimated that the total amount of crypto stolen by hackers in 2023 stood at about $1.7 billion as of mid-December. Some of the major thefts this year include the hack against Euler Finance, where hackers stole nearly $200 million, as well as significant breaches against Multichain ($126 million), BonqDAO ($120 million), Poloniex ($114 million), and Atomic Wallet ($100 million), among others.
Previous Years’ Figures and Future Outlook
Last year, Chainalysis reported that cybercriminals had stolen a record $3.8 billion in crypto, with $1.7 billion attributed to North Korean government hackers from the Lazarus Group. In 2021, hackers stole $3.3 billion, according to Chainalysis. Looking ahead, the poor security measures implemented by many crypto and web3 projects, combined with the substantial monetary value they hold, indicate that hackers are likely to continue targeting the growing industry in the future.
