Hacken's report highlights the record losses in the crypto industry amounting to $3.1 billion over the last six months. Key factors include increasingly sophisticated cyberattacks.
Overall Crypto Losses
The total losses in the crypto industry in 2023 reached a staggering $3.1 billion over six months. According to the report, primary reasons for the losses include attacks on control systems and social engineering tactics.
Major Incidents
The largest damage was inflicted on the Bybit exchange, where attackers stole $1.46 billion by breaching the authorization system. Additional major incidents include a theft of $330 million from a U.S.-based user through social engineering and the loss of $223 million from the DeFi platform Cetus due to an access control failure.
Changes in Security Approaches
Control-layer vulnerabilities are identified as the main cause of losses, accounting for 59% of total damages, equivalent to $1.83 billion. The rise in losses due to phishing and human-factor exploits reached $594 million. While smart contract bugs and exit scams remain prevalent with losses of $273 million and $300 million respectively.
Despite the declining security state of the crypto industry, there is a rising awareness of the issue and a necessity for implementing more robust protective measures to prevent cyberattacks.
