The amount of cryptocurrency hacking has dropped significantly from $4 billion last year to about $1.7 billion so far this year.
According to reports, the level of cryptocurrency hacking attacks in 2023 was found to have dropped significantly compared to 2022, indicating the effect of enhanced security in the industry.
Cryptocurrency hacks drop significantly
This year’s attacks pale in comparison to last year’s cryptocurrency hacking figures, which currently stand at around $1.7 billion. Even if there are a few hacks in December before the end of the year, it is unlikely to climb to 2022 levels.
As of October 2022, blockchain intelligence firm Chainaanalysis reported that losses from cryptocurrency hacks totaled $3 billion. This included the popular Axie Infinity Ronin bridge vulnerability, which resulted in a loss of $625 million in cryptocurrency. There was also the Mango Markets hack, where hackers manipulated the oracle, ultimately resulting in a loss of $100 million.
Ari Redbord, TRM’s global director of policy and government affairs, noted that “while we are still a record year for hacker attacks, the global focus on cybercrime may have at least partially de-emphasized some activities that are critical to the development of a strictly legal ecosystem.”
October is considered the month with the highest number of cryptocurrency attacks throughout the year. According to some studies, more than 11 different cryptocurrency hacks were reported in October, causing losses worth about $718 million through DeFi protocols. By the end of 2022, the amount of cryptocurrency hacks had climbed to nearly $4 billion.
Governments step up cryptocurrency regulation
It is worth noting that authorities have stepped up their scrutiny of the cryptocurrency industry this year after a slump in 2022, with several cryptocurrency projects failing in the form of withdrawal suspensions, insolvency, and bankruptcy. Governments in different countries have been working to introduce strong cryptocurrency regulatory frameworks to protect cryptocurrency investors in their respective regions.
Kenya recently proposed a bill for digital asset taxation and security classification, advancing cryptocurrency regulation. Spain has also aligned its cryptocurrency rules with EU regulations, requiring declarations of crypto assets held on foreign platforms exceeding €50,000, effective January 2024. #加密货币 #黑客攻击
