Hacken calls 2023 crypto hacking dynamic ‘concerning’ as losses near $2b
According to a report by Hacken, almost half of the crypto hacks in 2023 occurred due to access control issues. The crypto market faced losses totaling $1.9 billion due to hacks in 2023, reflecting a significant 93.6% decline compared to 2022, primarily influenced by the Terra collapse, as per a research report from Hacken, a blockchain security auditor. Despite this decrease, analysts express concern about the dynamics of 2023, emphasizing the quantity and nature of incidents. While the scale of attacks may appear smaller than in 2022, Hacken highlighted a 14% increase in attacks over the past year, identifying access control issues as the most damaging vulnerability in 2023. “Unauthorized access to hot wallets by hackers or insiders accounted for half of all stolen funds, averaging $31 million per incident.” Hacken Other types of attacks, including rug pulls and flash loan attacks, still enriched hackers with hundreds of millions of dollars worth of crypto, as in...