Home » Traders misplaced 54.3% much less crypto in 2023, Chainalysis says

Traders misplaced 54.3% much less crypto in 2023, Chainalysis says

by CoinVeem

Crypto funds stolen final yr dropped 54.3% to US$1.7 billion, after a record-setting yr in 2022, when US$3.7 billion had been misplaced to hacks and theft, Chainalysis reported. 

The New York-based blockchain intelligence agency attributed the lower in annual crypto theft to a drop in decentralized finance (DeFi) hacks. In 2022, cybercriminals stole greater than US$3.1 billion from DeFi platforms and functions however looted simply US$1.1 billion final yr, a 63.7% yearly drop. 

“There’s been a worrying pattern within the escalation of each the frequency and severity of assaults throughout the DeFi ecosystem,” Mar Gimenez-Aguilar, lead safety architect at Web3 safety agency Halborn stated. “In our complete evaluation of the highest 50 DeFi hacks, we noticed that EVM-based chains and Solana are among the many most focused chains, largely attributable to their recognition and functionality to execute sensible contracts.”

Regardless of the drop within the worth of stolen crypto, the frequency grew from 219 cases in 2022 to 231 in 2023. 

North Korea-affiliated cybercriminal teams similar to Kimusky and Lazarus Group had been accountable for no less than 20 hacks in 2023, probably the most quantity of annual crypto hacks for the Hermit Kingdom. 

Chainalysis estimates North Korean hackers stole simply over US$1 billion in 2023, additionally a drop in complete worth when in comparison with the US$1.7 billion recorded in 2022.  

In Chainalysis’ 2023 Crypto Crime Report, the intelligence agency claimed that almost all consultants imagine North Korea is funding its nuclear program with stolen cryptocurrencies.

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