The crypto industry has consistently encountered challenges from hacks and protocol exploits over the years. This trend continued into 2023. There was, however, a sliver of good news: hack volumes fell year-on-year by over 50%. The amount of cryptocurrency funds stolen by hackers this year was estimated at $1.7 billion, less than half of the $4 billion recorded in 2022, according to TRM Labs. Despite a decrease in overall losses, large sums of money were still stolen from individual projects.
The year witnessed several high-profile hacking incidents, impacting prominent entities such as Multichain, Euler Finance, Mixin Network, and Atomic Wallet. Then in the month of November, three crypto projects associated with Tron founder Justin Sun — Poloniex, HTX, and Heco Bridge — lost over $200 million collectively in a series of exploits. A recurring problem in many of these incidents involved private key exploits, enabling perpetrators access to user funds
Source: News Formal (newsformal.com)
Crypto Hacks Protocol Exploits Cryptocurrency Funds TRM Labs Individual Projects High-Profile Incidents Multichain Euler Finance Mixin Network Atomic Wallet Tron Justin Sun Private Key Exploits