Curtailment of Cryptocurrency Losses by Over 50% in the Year 2023

Crypto losses declined over 50% in 2023 Hackers and scammers laid back on the weekends, CertiK report findsWhile hackers continue to hack the crypto industry for a cash grab, the dollar amount is down substantially compared to the previous year. The total amount “lost” during 2023 from security incidents was almost $2 billion, down 51% from 2022, according to security-focused CertiK’s annual 2023 web3 security report. The report defines losses in this context as the value of digital assets stolen by malicious actors. During the past year, 10 incidents, including the $200 million Mixin Network and $197 million Euler Finance hacks, accounted for $1.11 billion of losses. One bit that wasn’t featured in the report is that there was a “marked decline” in hacks and scams over the weekends during 2023.

According to an annual security report by CertiK, a security-focused company, the losses in the crypto industry have dropped over 50% in 2023 compared to the previous year. The total amount lost from security incidents amounted to nearly $2 billion, a significant decrease from the $4 billion lost in 2022. This decline can be attributed to the decreased activity of hackers and scammers during weekends.

“While hackers continue to target the crypto industry for a quick profit, the amount lost has significantly decreased compared to last year,” the report states.

The report defines losses as the value of digital assets stolen by malicious actors. Out of the 10 incidents that occurred in 2023, including the hack of Mixin Network and Euler Finance which resulted in $200 million and $197 million in losses respectively, the total losses amounted to $1.11 billion. The average median loss for the remaining incidents was approximately $101,000.

Interestingly, the report notes a “marked decline” in hacks and scams over the weekends. CertiK co-founder and CEO, Ronghui Gu, revealed in an interview with TechCrunch+ that “Tuesdays, Wednesdays, Thursdays, and Fridays all saw similar numbers of incidents, while Mondays were relatively quieter. Saturdays were even quieter, and Sundays had the least amount of incidents.” This pattern suggests that hackers and scammers may be more active during weekdays, indicating a possible shift in their strategies.

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Kira Kim

Kira Kim is a science journalist with a background in biology and a passion for environmental issues. She is known for her clear and concise writing, as well as her ability to bring complex scientific concepts to life for a general audience.

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