The Hacken report highlights a sharp increase in damage from hacking attacks in the cryptocurrency industry during the first half of 2023. The main causes of these changes are related to weak access control systems and new threats.
Loss Analysis from Attacks
According to Hacken, losses from attacks on the cryptocurrency industry rose to $3.1 billion in the first six months of 2023. Over 60% of the damage was caused by deficiencies in access control, while smart contract issues accounted for $263 million.
New Threats in the Cryptocurrency Sector
The second quarter of 2023 saw particularly painful losses, including the $223 million hack of the Cetus platform. There was also a significant increase in attacks using social engineering tactics.
Issues with Legacy Code
Legacy codebases became a significant risk, with active and unpatched systems being aggressively attacked. Forensics expert Yehor Rudytsia emphasized the need to shut down or secure outdated contracts.
In 2023, the cryptocurrency industry faced a new level of threats and risks. The dependence on legacy code and vulnerabilities associated with the use of AI highlight the need for enhanced security in this rapidly evolving field.
