- The cryptocurrency industry suffered multiple exploits this year.
- Decentralized wallet solution Mixin Kernel fell victim to the largest attack.
- The Ethereum blockchain was the most exploited this year.
The threat of a cyber onslaught has long plagued the cryptocurrency industry, resulting in staggering losses for both major entities and minor projects. The threat actors leverage advanced technology to bolster their tactics, infiltrating entities and leaving victims to grapple with gruesome aftermaths.
As the year draws to a close, security experts are now assessing the total extent of the damage incurred this year.
2023 High-Stake Heists
According to a December 27 report, Web3 security firm De.Fi has estimated the total amount lost to malicious actors in 2023 to be a staggering $2 billion.
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The hacks encompassed a variety of techniques, including rugpulls, blockchain exploits, flash loan attacks, and more. The largest attack from this year was the September Mixin Kernel cyber attack, which cost the decentralized wallet solution $200 million worth of assets.
Ethereum, due to its high-profile projects and extensive ecosystem, was the crown jewel of exploits in blockchains this year, losing nearly $1.35 billion across 170 incidents. The July Multichain Bridge attack marked the largest exploit on the blockchain, draining nearly $226 million.
Despite the weight of the loss, the total cost this year is only half of the $3.8 billion loss in 2022 and $3.3 billion in 2021, underscoring a downward trend in the industry’s vulnerability.
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Other major attacks in the industry this year include the $100 million Poloniex attack and the $48 million KyberSwap drain, both of which occurred on November 10 and 23, respectively.
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