Crypto hackers managed to steal $2b in 2023

Crypto hackers managed to steal b in 2023

Hackers managed to steal $2 billion in crypto in 2023, but for the first time since 2020, the trend is showing a decline.

Throughout 2023, scammers and hackers executed numerous cyberattacks and rug pulls, resulting in the theft of approximately $2 billion worth of cryptocurrency, as reported by De.Fi, a web3 firm. A spokesperson for De.Fi, in a conversation with TechCrunch, emphasized that the figure highlights the “persistent vulnerabilities and challenges within the DeFi ecosystem.”

De.Fi’s REKT database documented at least 455 incidents in 2023, with the largest hack amounting to $231 million, attributed to Multichain. Despite the alarming $2 billion total, the efforts of cybersecurity experts and white hat hackers led to the recovery of approximately $200 million from the overall sum, De.Fi’s data shows.

Crypto hackers managed to steal $2b in 2023 - 1
Funds lost by blockchain | Source: De.Fi

Ethereum seems to be taking the lead in terms of the frequency of hacks, as it contributed to over 70% of the stolen funds in five out of twelve months in 2023. For instance, in November, the network accounted for about 99% of all incidents that month.

Hacking and scams continue to present a significant obstacle to the widespread acceptance of cryptocurrencies. In 2022, the industry incurred losses exceeding $3.8 billion due to dubious schemes and cyber incidents, according to data from Chainalysis.

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