{"id":70135,"date":"2024-01-29T09:09:09","date_gmt":"2024-01-29T13:09:09","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=70135"},"modified":"2024-01-29T09:09:12","modified_gmt":"2024-01-29T13:09:12","slug":"674m-worth-of-stolen-crypto-successfully-recovered-in-2023","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/674m-worth-of-stolen-crypto-successfully-recovered-in-2023\/","title":{"rendered":"$674M Worth of Stolen Crypto Successfully Recovered in 2023"},"content":{"rendered":"\n

According to blockchain security firm PeckShield, about $2.61 billion in losses were recorded in the crypto industry in 2023. Also, stolen assets worth $674 were recovered successfully from over 600 large-scale hacks <\/a>in the same year. <\/p>\n\n\n\n

\"$674M
$674M Worth of Stolen Crypto Successfully Recovered in 2023<\/figcaption><\/figure>\n\n\n\n

PeckShield stated in its report dated January 29 that the amount represents a decrease of 27.78% compared to 2022 when global cyber thefts totaled approximately $3.6 billion.<\/p>\n\n\n\n

\n

#PeckShieldAlert\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> 2023 saw 600+ major hacks in the crypto space, resulting in ~$2.61B in losses, with $674.9M recovered.
$1.51B lost to hacks (excluding #Multichain<\/use><\/svg><\/span><\/a> unauthorized withdrawals) & $1.1B to scams. This marks a 27.78% decrease from 2022. #DeFi<\/use><\/svg><\/span><\/a> protocols remained prime\u2026 pic.twitter.com\/G7PIU3WyrX<\/use><\/svg><\/span><\/a><\/p>— PeckShieldAlert (@PeckShieldAlert) January 29, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

In addition, the security firm emphasized that it procured more than $674 million from the over 600 large-scale breaches it monitored, accounting for 25% of the cryptocurrency stolen.<\/p>\n\n\n\n

The PeckShield team stated that the amount recovered from breaches substantially increased from 2022, when only about $133 million was estimated to be recovered. <\/p>\n\n\n\n

The security team attributes the funds' recovery to increased engagement in negotiations with hackers and the proliferation of bug bounty programs.<\/p>\n\n\n\n

\n

\u201cEngaging in active negotiations with hackers can lead to the return of stolen funds. […] Implementing bug bounty programs or on-chain sleuthing to identify hackers and vulnerabilities in the system can enhance security.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Fund recovery is also possible, according to PeckShield, through collaboration with centralized exchanges, Tether, and law enforcement to block undetected funds.<\/p>\n\n\n\n

PeckShield also highlighted another set of data points: the volume disparity between breaches and scams, decentralized finance<\/a> (DeFi), and flash loans, in addition to the sums recovered from hacks. According to the data, forty percent of the breaches in 2023 were flash loan attacks.<\/p>\n\n\n\n

PeckShield emphasized that DeFi remained a primary target for hacks and scams despite the contention that gains in DeFi security in 2023 resulted in a decline in the quantity of cryptocurrency stolen. <\/p>\n\n\n\n

Ronghui Gu, co-founder of CertiK<\/use><\/svg><\/span><\/a>, told Cointelegraph on January 4 that 2023 marked a “positive development” in blockchain security. The executive regarded the expansion of proactive security measures and bounty platforms as positive indicators for the coming year.<\/p>\n\n\n\n

Notwithstanding this, PeckShield emphasized that 33% of the losses in 2023 occurred in centralized finance, and 67% occurred in DeFi. It also noted that scams accounted for 42% of the losses, while breaches accounted for 58%.<\/p>\n\n\n\n

Additionally, malicious actors have diversified the cryptocurrencies they target for their operations. Bitcoin exhibited a preponderance over the trading volume of illicit transactions from 2018 to 2021. In contrast, the situation changed in 2022 and 2023, when stablecoins began to account for a more significant proportion of illegal transaction volume.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to blockchain security firm PeckShield, about $2.61 billion in losses were recorded in the crypto industry in 2023. Also, stolen assets worth $674 were recovered successfully from over 600 large-scale hacks in the same year. PeckShield stated in its report dated January 29 that the amount represents a decrease of 27.78% compared to 2022 […]<\/p>\n","protected":false},"author":12,"featured_media":70138,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5817,6654,18109],"class_list":["post-70135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-hack-2","tag-peckshield","tag-stolen-crypto"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/01\/image-131.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=70135"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70135\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/70138"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=70135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=70135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=70135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}