Stolen Crypto Worth $674 mn Successfully Recovered
Blockchain security firm PeckShield reported a $2.61 billion loss in 2023, a 27.78% decrease from 2022. Over $674 million was recovered from over 600 large-scale hacks, accounting for 25% of the stolen crypto. Fund recovery increased significantly from 2022, with more active negotiations with hackers and the rise of bug bounty programs.
PeckShield emphasized the importance of collaboration with centralized exchanges, Tether, and law enforcement to freeze funds when detected. Data points such as flash loans and decentralized finance (DeFi) were also highlighted. 40% of hacks in 2023 involved flash loan attacks, while improvements in DeFi security reduced crypto theft.
Despite positive developments in blockchain security, 67% of losses occurred in DeFi, while 33% were in centralized finance. Malicious actors have been diversifying their crypto targets, with stablecoins taking a larger share of illicit transaction volume in 2022 and 2023.
(With inputs from Shikha Singh)
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