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.
