Crypto hacking losses plunge by nearly 50% in 2023 – Research
Blockchain intelligence firm TRM Labs credits this decline to several critical factors, including enhanced security measures, law enforcement and industry coordination.
Blockchain intelligence firm TRM Labs says losses from cryptocurrency hacking in 2023 have dropped by more than 50% compared with 2022, and credits the decline to improvements in industry security.
TRM Labs’ report published on Dec. 13 cites its research into the key factors behind the significant drop in cyber theft. It reveals that losses from hacking in crypto projects fell to about $1.7 billion in 2023, less than half the $4 billion stolen from internet protocols in 2022.
The report recorded 160 hacking attempts, while losses have decreased by over 50%. TRM Labs said the decline is due to enhanced security measures, which have seen the cryptocurrency industry has incorporated real-time transaction monitoring and anomaly detection systems. These advancements strengthen digital wallets and exchange platforms, establishing strong defenses against possible breaches.
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Author: Amaka Nwaokocha
