Euler

Mixin

<p>In the ever-evolving world of<a href="https://www.cryptopolitan.com/cryptocurrency-expert-predicts-possible/" rel="noopener noreferrer nofollow"> crypto</a>, 2023 proved to be a pivotal year as hackers executed heists amounting to approximately $2 billion. This figure, according to De.FI, a leading Web3 security company managing the REKT database, represents a notable decrease from the staggering $3.8 billion reported in the previous year. While the drop is a positive sign, it underscores the ongoing vulnerabilities within the decentralized finance (DeFi) ecosystem.</p>
<h2 class="wp-block-heading" id="mixin-hack-a-prominent-2023-event">Mixin hack: A prominent 2023 event</h2>
<p>One of the standout events of the year was the high-profile hack at Mixin, a Hong Kong-based cryptocurrency startup, in September. This breach resulted in a jaw-dropping theft of $200 million, sending shockwaves through the crypto community and raising concerns about security measures within the industry.</p>
<p>In March, the cryptocurrency lending platform Euler Finance fell victim to another substantial hack. Hackers managed to gain access and siphoned off over $197 million. This incident further highlighted the vulnerabilities inherent in the cryptocurrency space.</p>
<p>De.FI’s thorough assessment of the $2 billion in losses throughout 2023 reveals that these losses are spread across several instances, pointing to enduring weaknesses in the<a href="https://de.fi/rekt-database" rel="noopener noreferrer nofollow" target="_blank"> DeFi </a>ecosystem.&nbsp;</p>
<p>Despite challenges posed by a bear market in the early part of the year, 2023 showcased the delicate balance between these persisting vulnerabilities and the proactive steps taken to address them.</p>
<h2 class="wp-block-heading" id="trm-labs-reports-1-7b-in-stolen-cryptocurrency">TRM labs reports $1.7B in stolen cryptocurrency</h2>
<p>Supporting this narrative, TRM Labs reported that by mid-December 2023, a total of $1.7 billion in cryptocurrency had been stolen. While this figure represents a decrease from the previous year, it is evident that challenges persist. Prominent thefts against platforms like Atomic Wallet, BonqDAO, Multichain, and Poloniex added to the industry’s woes.</p>
<p>Chainalysis, a leading <a href="https://www.cryptopolitan.com/mantanetwork-unveils-new-paradigm/" rel="noopener noreferrer nofollow">blockchain </a>surveillance company, took a broader perspective, emphasising the cryptocurrency sector’s vulnerability to online attacks. Despite the decline in the number of heists throughout 2023, the sector remains far from immune to challenges.</p>
<p>One concerning trend that emerged in 2023 was the changing nature of cryptocurrency theft. Nearly 60% of the funds stolen this year can be attributed to infrastructure assaults, specifically targeting the theft of private keys.&nbsp;</p>
<p>This revelation underscores a critical vulnerability within the industry’s security framework and highlights the urgent need for more robust and sophisticated security measures.</p>
<h2 class="wp-block-heading" id="the-call-for-proactive-security-measures">The call for proactive security measures</h2>
<p>The lessons learned in 2023 underscore the significance of taking a proactive approach to security in the ever-changing world of cryptocurrency. While progress has been made in mitigating vulnerabilities, the industry’s substantial value demands that it continue strengthening its defences against unforeseen threats in the years ahead.</p>

Crypto heists show resilience of decentralised finance weaknesses

Table of Contents

Cryptopolitan_News

Other articles published on Dec 27, 2023

Behind Every Transaction, an Untold Story

SKALE Price Prediction: Is SKL Ready for a Bullish Breakout?

Bitcoin Transaction Fees Surge, Surpassing Ethereum

Crypto Analyst Predicts Bitcoin To Reach $130,000, Here’s When

Solana Investors Should Be Prepared For SOL To Fall to This Price – Analyst

Crypto: Cardano Smart Contract Adoption Soars

Join our free newsletter for daily crypto updates!