The data from DeFiLlama indicates that cybercriminals have managed to steal $1 billion in cryptocurrency so far in 2023. This represents a significant decrease of 60% compared to the amount stolen in 2022, when internet thieves caused a loss of approximately $3.2 billion in the crypto market.
DeFiLlama’s data also reveals that the highest amount stolen from the crypto industry this year occurred in September, with hackers managing to steal $308.23 million. July followed closely with a loss of $238.42 million, and in March, cybercriminals were able to steal $213.58 million through various crypto hacks.
It is important to note that although the amount of funds stolen by hackers in 2023 surpasses that of 2022, this does not necessarily indicate an improvement in the industry’s security. Further analysis has shown that despite the decrease in the value of stolen funds, there were actually more incidents of crypto hacks in 2023 compared to 2022.
Reports indicate that the $3.2 billion stolen from the crypto market in 2022 was a result of 60 hacks. However, in 2023, the total amount stolen decreased to $1 billion, but it was spread across 75 separate crypto hacks. Therefore, the decrease in stolen funds can be attributed to the declining value of crypto assets in 2023 when compared to 2022.
According to Eric Jardine, the cybercrime research lead at Chainalysis, a crypto research firm, the decline in the value of stolen funds in 2023 can be attributed to the prevailing market prices of the assets involved. Jardine explains that stealing 100 Ethereum at its peak value is different in terms of USD or Euro when compared to stealing the same amount during the recent bear market low.
Industry observers express concerns about the increasing number of crypto hacks, as it raises questions about the sector’s security and the lack of proper regulation. They warn that the proliferation of smaller hacks may lead to more significant crypto heists in the future.