Malware, Breach

Crypto heist proceeds drop significantly despite mounting attacks

Cryptocurrency platforms have lost $1.7 billion worth of assets from cyberattacks last year, representing a nearly $2 billion drop from 2022, which had the highest-ever losses from cryptocurrency heists, despite a slight increase in attack volume, according to The Record, a news site by cybersecurity firm Recorded Future. Such a significant decline in cryptocurrency heist proceeds during the past year has been fueled by the substantial decrease in cryptocurrency valuation, the closure of widely used exchanges, and the reduction of decentralized finance platform attacks, a report from Chainalysis showed. Only $1.1 billion have been exfiltrated from DeFi protocols in 2023, compared with over $3.1 billion the year before. "Although the total amount stolen from crypto platforms in 2023 was down significantly from prior years, it is clear that attackers are becoming increasingly sophisticated and diverse in their exploits. Over time, as these processes improve, it is likely that funds stolen from crypto hacks will continue to decline," said Chainalysis.

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