March 27, 2024
Crypto's Major Hacks And Exploits In 2023
Latest Cryptocurrency News

Crypto’s Major Hacks And Exploits In 2023

Despite ongoing challenges, the crypto industry experienced a relatively improved security landscape in 2023 compared to the record-breaking losses of 2022. TRM Labs, a blockchain intelligence company, reported a decrease in the overall losses, estimating around $1.7 billion for the year, a significant drop from the $4 billion stolen in the previous year.

Some notable hacks in 2023 included a $200 million attack on Mixin, a Hong Kong-based cross-chain asset transfers and decentralized exchange project. In March, hackers targeted DeFi lender Euler, resulting in losses of $8.7 million in DAI, $18.5 million in WBTC, $135.8 million in stETH, and $33.8 million in USDC.

In November, Justin Sun’s Poloniex crypto exchange faced a breach, with hackers making off with over $126 million in various cryptocurrencies. Poloniex froze a portion of the assets associated with the hackers’ addresses, claiming its operating revenue could cover the losses.

North Korean hackers targeted Atomic Wallet in June, initially taking $35 million in digital tokens. Elliptic, a blockchain firm, partnered with investigators and exchanges to trace and freeze the stolen funds.

In July, hackers exploited a vulnerability in the Vyper programming language used by the decentralized exchange Curve, resulting in a reward offered by Curve and a successful recovery of 73% of the funds by August.

KyberSwap, a DeFi market maker, fell victim to an attack in November, losing nearly $50 million in crypto. The attacker made an unusual on-chain request for complete control of the protocol and a purge of Kyber’s leadership.

In September, Stake, a gambling site associated with rapper Drake, experienced a $40 million hack. The FBI later attributed the attack to the North Korea-linked Lazarus Group, which drained $16 million in Ethereum, Tether, USDC, and DAI, followed by an additional $25 million in Binance Smart Chain and Polygon.

While security incidents persisted, the crypto industry demonstrated resilience, implementing measures to trace, freeze, and recover stolen funds in collaboration with law enforcement and blockchain firms.

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