The evaluation of cryptocurrency fraud and hacking incidents in 2023 indicates that users experienced approximately $1.8 billion in losses, although this figure decreased compared to the previous year, the number of individual incidents increased.
The most eventful period of 2023 occurred in the third quarter, with the highest losses occurring in November, September, and July, likely attributed to heightened hacker interest during periods of rising cryptocurrency prices.
#BNB $BNB Chain and #Ethereum $ETH blockchains were found to be the most vulnerable to attacks, followed by Polygon and Avalanche. Attacks by the North Korean Lazarus group resulted in the theft of $308.6 million.
While there has been a decrease in fraud cases due to advancements in cybersecurity systems and increased user awareness, it is crucial to note that hackers continue to enhance their tactics. The cryptocurrency industry needs to continuously improve its security infrastructure, and investors should remain vigilant.
Additional considerations for the assessment of cryptocurrency fraud and hacking incidents in 2023:
Blockchain projects, especially those with extensive ecosystems like BNB Chain and Ethereum, need to consistently monitor and update their security vulnerabilities.
The high incidence of attacks on decentralized finance platforms indicates deficiencies in protecting user data; these platforms should strengthen their security infrastructure.
Cryptocurrency exchanges and third-party applications should tighten authentication mechanisms and enhance encryption standards.
User awareness should be raised, and simulated attacks can help users become more cautious.
Tracking hackers and increasing international cooperation to combat cryptocurrency crime should be prioritized.
The widespread adoption of insurance mechanisms can increase loss recoverability.
Multilateral collaboration and continuous improvement are critical in the realm of security.
In addition to the 2023 assessment, recommendations for future years include:
Identifying and addressing security vulnerabilities in programming languages used in blockchain infrastructure, especially languages like Solidity.
Emphasizing authentication and access control mechanisms in decentralized applications, certifying these mechanisms.
Developing blockchain analysis tools and attack simulations to detect and prevent risks.
Potentially making it mandatory for cryptocurrency exchanges and platforms to meet specific security standards through regulations.
Fostering collaborative solutions within the cryptocurrency community to counteract cyberattacks and increasing stakeholder cooperation.
Prioritizing blockchain and crypto security education in universities to cultivate experts in the field.
Elevating user awareness and promoting secure cryptocurrency transactions and investment habits.
Key precautions for cryptocurrency users against hacking and fraud:
Avoid using weak and easily guessable passwords; change passwords regularly.
Utilize multi-factor authentication methods for enhanced security.
Keep security software on devices up to date and regularly check for vulnerabilities.
Store the majority of base cryptocurrencies and tokens in a secure wallet application.
Never click on links from suspicious promotions, food, or other applications.
Be cautious of social engineering-based fraud; verify information before acting.
Research new projects and applications before hastily investing.
Do not trust information obtained from hacker websites.
Preventing cryptocurrency attacks requires collaboration not only at the individual level but across the entire community. With this awareness, users can minimize risks.
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