Digital asset security improves as crypto hacks decrease.
Key Takeaways
- Cryptocurrency hacking losses in 2023 decreased 51% to $1.8 billion compared to $3.7 billion in 2022.
- Private key compromise was the most costly type of attack, with Ethereum recording the highest losses among blockchains.
- The decline in losses is seen as a positive sign of improving security measures in the blockchain sector.
Cryptocurrency industry experience Hacking-related losses will decrease significantly in 2023The total number is as follows: 751 security incidents resulted in losses of just over $1.8 billion..
This indicates: A 51% decrease compared to 2022 losses of $3.7 billion.This was revealed in “Hack3d: The Web3 Security Report 2023” published by CertiK, a blockchain security company.
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CertiK’s annual report, released on January 3, provides an in-depth analysis of the state of security in the Web3 space over the past year.
Highlights of the report include: 3rd quarter of 2023, highest loss recordedThe total amount is over $686 million. The report also noted: Incidents involving private key compromise have been particularly costly.The 47 incidents resulted in more than $880 million in losses.
When analyzing losses with blockchain, Ethereum ranked first with losses of $686 million across 224 incidents., averaging $3 million per case. The BNB chain reported a significantly lower total loss of $134 million, despite having a higher number of incidents at 387.
The report also Highlighted the challenges of cross-chain interoperability.This resulted in a loss of nearly $800 million due to a breach across multiple blockchains.
Ronghui Gu, co-founder of CertiK, is calling. Reducing losses is a “positive development” For blockchain security, he attributed these improvements to the following reasons: Increased adoption of proactive security measuresBug bounty platforms and others have expressed optimism that losses will continue to decline through 2024.
Additionally, Gu said that loss reduction In part due to the broader bear market., which resulted in a decline in token and financial valuation. He believes the fact that loss levels remain low during bull markets will further confirm this. The Web3 industry is learning and implementing security lessons effectively..
The 2023 CertiK report shows a promising decline in cryptocurrency hacking losses, indicating significant advancements in blockchain security and a maturing industry for increased resilience to cyber threats.
Gile is a market sentiment analyst who understands which public events create which emotions. Her experience investigating Web3 news and public market messaging, including cryptocurrency news reporting, PR, and social network streams, will be invaluable to her role leading the cryptocurrency news editorial team.
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