Orbit

2024

Security

<div class="cryptonews">
 <p class="is-style-lead">January 2024 saw a sixfold increase in the amount lost to web3 hackers who continue to exploit loopholes in smart contract codes employed by crypto and defi protocols.</p>
 <p>Hackers carted away over $126 million from several attacks on decentralized finance platforms last month, according to AMLBot Co-Founder and CEO Slava Demchuk. Incidents primarily stemmed from a handful of vulnerabilities ranging from multi-sig wallet compromises to loan attack vectors, Demchuk added.</p>
 <p>One of the largest <a rel="noopener noreferrer nofollow" title="hacks" href="https://thebittimes.com/tag/hacks.html">hacks</a> in January was on Orbit Bridge, a cross-chain protocol that lost north of $80 million to bad actors.&nbsp;Ozys, the South Korea-based company behind the service, suspects a former employee was involved in the attack.</p>
 <p>However, the crypto fraud-detection expert noted that cybersecurity within the industry is improving year-on-year, as indicated by the decline in illegal digital asset activity.&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p>Every year, the large amount of money stolen, sometimes reaching billions of dollars, can be surprising and worrying. But the main trend is clear – less than 1% of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> activities involve illicit actions.</p> <cite>Slava Demchuk, Co-Founder and CEO, AMLBot</cite>
 </blockquote>
 <p>A Chainalysis report backs up this assertion. The company noted a 39% reduction in stolen wealth transactions via <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies and blockchain networks.&nbsp;</p>
 <div class="cn-block-related-link">
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Illicit crypto addresses received over $24b in 2023, Chainalysis says
 </div>
 <p>Commenting on why these defi vulnerabilities persist even as global <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> adoption ascends and institutional demand has increased, Demchuk told <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>.news that blockchain’s decentralized nature adds a layer of complexity that requires constant improvement in security protocols by projects to mitigate and manage risks.</p>
 <p>In some cases, he noted, projects fall short of industry-standard security measures, and in other scenarios, hackers have engineered novel strategies to bypass systems aimed at safeguarding users.</p>
 <p>Enhanced security measures such as real-time transaction monitoring and increased collaborative efforts by global law enforcement are two key areas in tackling digital currency-related crime, per Demchuk.</p>
 <p>AMLBot’s boss added that more communication between crypto exchanges, wallet providers, and blockchain developers should help to stem the issue by facilitating the timely sharing of threats and suspicious activity.</p>
 <blockquote class="wp-block-quote">
  <p>Eventually, this collaboration should lead to the establishment of a suitable infrastructure that accommodates the involvement of all stakeholders. Our belief is that the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency industry will gradually attain comprehensive security over time.</p> <cite>Slava Demchuk, co-founder and CEO, AMLBot</cite>
 </blockquote>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Hacken calls 2023 crypto hacking dynamic ‘concerning’ as losses near $2b
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/amlbot-ceo-security-is-improving-despite-over-126m-lost-in-january-crypto-hacks-tbt78950.html">https://thebittimes.com/amlbot-ceo-security-is-improving-despite-over-126m-lost-in-january-crypto-hacks-tbt78950.html</a></p>

AMLBot CEO: Security is improving despite over $126m lost in January crypto hacks

TheBitTimes

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