Blockchain security firm PeckShield has released data outlining the losses incurred due to hacks and scams in 2023. The company reported a total loss of $2.61 billion for the year, excluding losses across multiple blockchain networks.
According to PeckShield’s report on January 29th, this figure represents a 27.78% decrease from the previous year, where global cyber thefts amounted to approximately $3.6 billion. Notably, PeckShield highlighted the successful recovery of over $674 million from more than 600 large-scale hacks they monitored, accounting for 25% of the stolen crypto.
In 2023, Crypto Thefts Valued at 674M Dollars Regained Successfully
In a statement provided to Cointelegraph, the PeckShield team attributed the significant increase in recovered funds to more active negotiations with hackers and the rise of bug bounty programs. They emphasized the effectiveness of engaging in negotiations with hackers and implementing bug bounty programs or on-chain investigations to identify vulnerabilities and enhance security measures.
Furthermore, PeckShield underscored the importance of collaboration with centralized exchanges, Tether, and law enforcement to freeze funds upon detection, which can lead to successful fund recovery.
Beyond the recovery efforts, PeckShield highlighted various insights, including the prevalence of flash loan attacks, decentralized finance (DeFi) vulnerabilities, and the discrepancy in volume between hacks and scams. Despite improvements in DeFi security, PeckShield noted that DeFi remained a significant target for malicious activities.
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