Crypto Hacks Reach $1B in 2023, Less Compared to 2022

Hackers have stolen around $1 billion from the crypto market in 2023, marking a 60% reduction compared to 2022, when they made off with about $3.2 billion. The data comes from DeFiLlama, a crypto data analytics dashboard.

Interestingly, the majority of hacks occurred in September this year, when hackers got away with $308.23 million. July followed with a loss of $238.42 million, and March recorded a loss of $213.58 million across several crypto platforms.

It’s worth noting that the reduction in digital assets stolen doesn’t necessarily indicate improved security within the crypto industry. In fact, more crypto hacks were recorded in 2023 than in 2022.

In 2022, $3.2 billion was stolen through 60 hacks, whereas in 2023, only $1 billion was stolen, but it involved 75 separate crypto incidents.

Moreover, the decline in the value of stolen funds is attributed to the falling value of crypto assets in 2023 compared to 2022.

Eric Jardine, the cybercrime research lead at crypto research firm Chainalysis, also emphasized that the decline in the value of stolen funds is related to the current market prices for the assets in question.

Stealing a specific amount of crypto at its peak value differs significantly when compared to its value during a bear market.