According to Chainalysis’ annual cybercrime report, crypto funds stolen by hackers in 2023 amount to $1.7 billion, down 54% from the record $3.7 billion in 2022. This decrease is attributed mainly due to the drop in hacks targeting DeFi platforms, which fell from more than 3 billion to 1.1 billion.
Less juicy but more frequent crypto hacks
According to Chainalysis, the drop in stolen amounts is mainly explained by the decline in attacks targeting decentralized protocols. Crypto hackers stole more than $3.1 billion in 2022, compared to “only” 1.1 billion in 2023, a drop of almost 64%.
This relative lull rewards the considerable efforts made by developers to fill security gaps and harden smart contracts, after a massive hemorrhage in 2021 and 2022. However, the billion dollars siphoned off last year is a cruel reminder that DeFi platforms remain highly vulnerable to attacks by cybercriminals.
And if the total amount of crypto stolen has decreased, the number of successful hacks has continued to increase. Chainalysis identified 231 in 2023, compared to 219 in 2022. In other words, even if each attack has been less successful, their frequency continues to increase, revealing the relentlessness of hackers to find the slightest flaw to exploit.
North Korea, a persistent threat
Among the most active and feared hacker groups today are cybercriminal organizations linked to North Korea, such as Lazarus Group and Kimusky. According to Chainalysis, they are responsible for at least 20 successful crypto hacks in 2023, more than any other country.
Their war spoils are estimated at just over a billion dollars over the year, certainly down compared to the 1.7 billion stolen in 2022, but demonstrating that North Korea remains a major player in international cybercrime. . The North Korean regime is suspected of illegally financing its nuclear program using hacked crypto.
Despite the relative drop in certain gains, the motivation and formidable abilities of the crypto hackers serving the dictatorship remain intact, watching for the slightest flaw in smart contracts to strike.
Although slowed, the hemorrhage of crypto funds due to hacks continues. North Korea remains a major player in cybercrime. And DeFi platforms, the lifeblood of blockchain innovation, must imperatively strengthen their security to resist the incessant assaults of hackers.
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