These infrastructure attacks, averaging nearly $30 million per incident, were notably larger on average compared to protocol attacks and code vulnerabilities. The latter two combined accounted for a fifth of the total piracy volume.
Similar to the pattern seen in 2022, a limited number of large-scale hacks dominated cryptocurrency thefts in 2023. The top ten hacks together accounted for nearly 70% of all stolen funds. Notably, several of these breaches surpassed the $100 million mark, including:
- Attacks against Euler Finance in March 2023
- Multichain in July 2023
- Red Mixin in September 2023
- Poloniex in November 2023
According to TRM Labs, the cryptocurrency industry has substantially improved its security protocols, incorporating measures such as real-time transaction monitoring and anomaly detection systems. These advancements play a crucial role in protecting digital wallets and exchange platforms by enabling the identification and prevention of potential security breaches before they can materialize.
Additionally, law enforcement agencies around the world have intensified their attention to cybercrimes involving digital currencies. Greater collaboration between law enforcement agencies has led to faster responses to hacking incidents. It has also been instrumental in tracking, freezing and recovering stolen assets, deterring would-be hackers with a higher risk of detection and prosecution.
Cryptocurrency exchanges, wallet providers, and blockchain networks have intensified the sharing of information about vulnerabilities, threats, and breaches. This collective approach to security has fostered a more unified front against cybercriminals, making it increasingly difficult for hackers to exploit systemic weaknesses.
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