Based

Ronin

Axie Infinity

Mango

According to reports, it was <a rel="noopener noreferrer nofollow" href="https://news.bloomberglaw.com/ip-law/crypto-hacker-theft-fell-by-half-to-about-1-7-billion-this-year" target="_blank">discovered</a> that the level of crypto hacking in 2023 dropped significantly compared to the levels seen in 2022, indicating an effect of increased security in the industry.
<h2 id="strong-crypto-hacking-figures-slumps-strong">Crypto Hacking Figures Slumps</h2>
The number of attacks seen this year is nothing compared to the crypto hacking figures from last year as it is currently at around $1.7 billion. Even if there were a couple of hacks in December before the year ends, it is not likely to climb as high as the levels seen in 2022.&nbsp;
By October 2022, blockchain intelligence company Chainalysis reported a total of $3 billion in <a href="https://coingape.com/year-ender-2022-crypto-hacks-year-how-much-swept/" target="_blank" rel="noopener noreferrer nofollow">loss to crypto hacks</a>. This included the popular Axie Infinity Ronin bridge exploit that led to the loss of $625 million in cryptocurrencies. There was also the Mango Markets hack in which the hacker <a href="https://coingape.com/defi-platform-mango-markets-loses-100-million-in-yet-another-crypto-hack/" target="_blank" rel="noopener noreferrer nofollow">conducted an oracle manipulation</a>&nbsp;that eventually led to a loss of $100 million.&nbsp;
“While we are always one Ronin-size hack away from a record setting year, the global focus on cybercrime is likely to, at least in part, mitigate some of the activity which is critical in order for the overwhelmingly lawful ecosystem to grow,” Ari Redbord, global head of policy and government affairs at TRM pointed out.
October was <a href="https://coingape.com/cryptocurrency-news-live-updates-13-october-crypto-market-awaits-us-inflation-data-oct-biggest-hack-month/" target="_blank" rel="noopener noreferrer nofollow">regarded </a>as the month with the highest number of crypto attacks in the whole year. Based on some research, more than 11 distinct crypto hacks were reported in October, resulting in losses valued at approximately $718 million through DeFi protocols.&nbsp;Before the end of 2022, the crypto hacking figures had already climbed to almost $4 billion.
<h2 id="strong-governments-intensifies-crypto-regulations-strong">Governments Intensifies Crypto Regulations</h2>
It is worth noting that authorities intensified their scrutiny of the crypto sector this year after a dampening 2022 that saw the fall of several crypto projects in forms of withdrawal suspension, insolvencies and bankruptcies. The governments of different nations have been putting effort into rolling out a robust crypto regulatory framework that safeguards crypto investors in their respective regions.
Kenya recently <a href="https://coingape.com/kenya-advances-bill-for-crypto-asset-regulation-and-taxation/" target="_blank" rel="noopener noreferrer nofollow">advanced its crypto regulation</a>&nbsp;with a proposed bill for taxation and security categorization of digital assets. Spain also <a href="https://coingape.com/breaking-spain-introduces-new-crypto-asset-declaration-law-for-2024/" target="_blank" rel="noopener noreferrer nofollow">aligned its crypto rules</a>&nbsp;with EU regulations by mandating crypto asset declaration for holdings over €50,000 on foreign platforms, effective in January 2024.
The post <a href="https://coingape.com/crypto-hacking-in-2023-drops-to-1-7b-report/" rel="noopener noreferrer nofollow">Crypto Hacking in 2023 Drops to $1.7B: Report</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Crypto Hacking in 2023 Drops to $1.7B: Report

Table of Contents

Coingape News Media

Other articles published on Dec 12, 2023

Elon Musk unable to get out of Twitter takeover lawsuit

Litecoin’s post-halving triumph: Active addresses soar to record heights

KuCoin to Shutter Services in New York After $22 Million Settlement Package – Here’s the Latest

Solana's Rapid Recovery Surpasses $71 Amidst Market Volatility

Sam Bankman-Fried Deviated From the Planned Defense Strategy: SBF’s Lawyer

Public Crypto Mining Firms Dropped Double Digits After Bitcoin’s Largest Decline in Four Months

Join our free newsletter for daily crypto updates!