In 2023, the cryptocurrency industry lost $2.61 billion due to hacker attacks and fraud, according to a report from PeckShield.
However, analysts calculated that projects were able to recover $674.9 million (25.9%) of the losses. The majority of the damage, $1.5 billion, was from hacks, while the rest was due to fraud-related incidents.
This was a 27.78% decrease compared to 2022, with the highest losses occurring in November ($364.4 million) and September ($339.2 million).
DeFi protocols were the primary target for attackers, accounting for about 67% of the total damage, while 33% came from centralized exchanges.
Nearly 40% of attacks utilized instant loans. Out of over 600 incidents, the most damaging cases were with Mixin ($200 million), Euler Finance ($197 million), Poloniex ($125 million), HECO Bridge & HTX ($111 million), and Orbit Chain ($81.5 million).
It is worth noting that earlier in 2023, Immunefi analysts estimated the industry’s losses from hackers and scammers at $1.8 billion.
