👉👉👉 Total Value of Crypto Stolen From #DEFI Platforms in 2023 Plummets by 63.7% Year-on-Year: #Chainalysis
#blockchain analysis firm Chainalysis has reported a significant decline in the value of crypto assets stolen by cybercriminals in 2023, attributing the decrease to a substantial drop in hacking incidents targeting decentralized finance (DeFi) platforms.
In a recent report, Chainalysis highlights that hackers pilfered just $1.1 billion from DeFi protocols in 2023, compared to $3.1 billion in 2022 and $2.5 billion in 2021.
The report indicates a 17.2% year-over-year decrease in the number of DeFi hacks, accompanied by a 7.4% drop in the median loss per DeFi hack.
The reduction in the value stolen from DeFi platforms is seen as a positive sign, suggesting that operators are enhancing #smartcontract security. Additionally, the decline in DeFi activities throughout the year contributed to fewer protocols for hackers to target.
Chainalysis emphasizes that the reasons behind the drop in DeFi hacking could be a combination of improved security practices and the overall decrease in DeFi activity. The report cautions that if the decline is primarily due to reduced DeFi activities, it will be crucial to monitor whether DeFi hacking rises again during another DeFi bull market, potentially leading to higher total value locked (TVL) and a larger pool of DeFi funds for hackers to exploit
Source - dailyhodl.com