Criminals Stole Only $1B in Crypto in 2023 Amid Increasing Hacks

Data from DeFiLlama, the multi-chain crypto data stats dashboard, shows that cybercriminals have stolen about $1 billion from the crypto market so far in 2023. That represents a 60% drop in the amount they stole in 2022 when the crypto market lost about $3.2 billion to internet thieves.

Amount stolen via crypto hacks Source: DeFiLlama

DeFiLlama’s data showed that the highest amount stolen from the crypto industry this year occurred in September when hackers stole $308.23 million. July followed with a loss of $238.42 million, then March, when the cybercriminals stole $213.58 million across multiple crypto hacks.

It is important to note that while the amount of funds stolen by hackers in 2023 dwarfs the crypto theft of 2024, it does not necessarily reflect the improved security of the industry. More analysis revealed that despite the drop in the value of stolen funds, there were more crypto hack incidents in 2023 than recorded in 2022.

According to reports, the $3.2 billion stolen from the crypto market in 2022 happened across 60 hacks. However, in 2023, only $1 billion was stolen, involving 75 separate crypto hacks. Hence, the drop in the volume of stolen funds is due to the dwindling value of crypto assets in 2023 compared with 2022.

According to Eric Jardine, cybercrime research lead at crypto research firm Chainalysis, Declines in the value stolen during 2023 are a function of prevailing market prices for the assets in question. Jardine explained that Stealing 100 Ethereum at its peak value is different in USD or Euro-denominated terms than stealing the same amount at its recent bear market low.

Industry observers believe the increasing number of crypto hacks raises questions about the sector’s security and lack of proper regulation. They warn that a proliferation of small hacks may lead to more crypto heists in the future.

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