$2bn Stolen In Cryptocurrencies In 2023 - Report

$2bn Stolen In Cryptocurrencies In 2023 – Report

7 months ago
1 min read

A report by De.FI, the security firm managing the REKT database, discloses that cybercriminals pilfered approximately $2 billion worth of cryptocurrencies in various cyberattacks in 2023.

This year’s loss shows a decline when compared to the $3.8 billion stolen in 2022, indicating efforts to address vulnerabilities within the crypto landscape.

“This amount, dispersed across multiple incidents, underscores the ongoing vulnerabilities and challenges within the DeFi ecosystem,” De.FI stated.

The report listed notable heists this year, including breaches against Euler Finance ($200 million), Multichain ($126 million), BonqDAO ($120 million), Poloniex ($114 million), and Atomic Wallet ($100 million), among others.

READ ALSO: CBN Lifts Restrictions On Cryptocurrency Transactions In Banks

In corroboration, TRM Labs’ earlier report revealed $1.7 billion stolen in crypto as of mid-December 2023.

Despite potential December hacks, this year is anticipated to conclude with notably lower totals than 2022. TRM Labs highlighted that 2022’s staggering $4 billion from crypto hacks included major thefts like the $600 million attack on the Ronin Bridge connected to Axie Infinity.

Ari Redbord from TRM commented, “While we’re always one hack away from a record-setting year, the increased global focus on cybercrime might mitigate some criminal activities, crucial for the legitimate growth of the ecosystem.” TRM found that the top 10 hacks accounted for nearly 70% of all stolen funds this year, with infrastructure attacks contributing to about 60% of the total stolen.

Despite the decline in stolen funds, the persistent vulnerabilities and challenges within the DeFi ecosystem remain evident, urging continued efforts to enhance security measures in the crypto space.

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Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.


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