This year, crypto hacks and frauds have resulted in losses of more than $2.3 billion, highlighting the ongoing security vulnerabilities in the industry. This figure includes 165 separate incidents, representing a 40% increase from the previous year.
Although this total is lower than the $3.7 billion lost in 2022, the fact that attacks continue to rise suggests that the industry’s defenses are not yet strong enough against advanced threats. According to Cyvers’ annual report, the majority of stolen funds (81%) can be attributed to access control vulnerabilities.
While these incidents only accounted for 41.6% of the total number of cases, their significant impact highlights the danger of inadequate security protocols. Among all blockchains, Ethereum was hit the hardest this year, with over $1.2 billion in losses.
One concerning trend that emerged this year was the prevalence of “Pig Butchering” scams. These complex schemes defrauded unsuspecting users of over $3.6 billion, with a large portion of this activity occurring on the Ethereum blockchain.
