Cryptocurrency

DeFi

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/peckshields-analysis-reveals-downtrend-in-cryptocurrency-losses-from-hacks-and-scams-in-2023" rel="noopener noreferrer nofollow">PeckShield’s Analysis Reveals Downtrend in Cryptocurrency Losses from Hacks and Scams in 2023</a><br></p>
<p style="text-align: justify">Blockchain security firm PeckShield has reported a 27.78% decrease in cryptocurrency losses due to hacks and scams in 2023, with the total loss amounting to $2.61 billion, excluding multi-chain loss attacks. This figure contrasts with the approximately $3.6 billion lost to global cyber attacks in 2022.</p>
<h2 id="peckshield-team-s-report-for-the-year-2023">PeckShield Team’s Report for the Year 2023</h2>
<p style="text-align: justify">PeckShield’s analysis of over 600 large-scale attacks revealed that $674 million, or 25% of the stolen cryptocurrency, was recovered, marking a significant rise from the $133 million recovered in 2022. The firm attributes this improvement to more active negotiations with hackers and the implementation of bug bounty programs.</p>
<p style="text-align: justify">The security firm also highlighted the importance of collaboration with centralized exchanges, <a href="https://en.bitcoinhaber.net/tether-ascends-to-top-10-bitcoin-holders-with-strategic-withdrawal" rel="noopener noreferrer nofollow">Tether</a>, and law enforcement in freezing and recovering stolen assets. They noted that flash loan attacks comprised 40% of all hacks in 2023, indicating a specific vulnerability in the crypto ecosystem.</p>
<p style="text-align: justify">While some analysts see a positive trend in DeFi security leading to reduced crypto theft, PeckShield warns that DeFi remains a prime target. The firm’s data shows that 67% of the losses in 2023 were in DeFi, with hacks accounting for 58% and scams for 42% of the losses.</p>
<p style="text-align: justify">The report also observes a shift in the focus of illicit crypto activities, with stablecoins increasingly being used for illegal transactions, a change from Bitcoin’s previous dominance in this area from 2018 to 2021.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/peckshields-analysis-reveals-downtrend-in-cryptocurrency-losses-from-hacks-and-scams-in-2023" rel="noopener noreferrer nofollow">PeckShield’s Analysis Reveals Downtrend in Cryptocurrency Losses from Hacks and Scams in 2023</a></h5>

PeckShield’s Analysis Reveals Downtrend in Cryptocurrency Losses from Hacks and Scams in 2023

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