Blockchain security company PeckShield has compiled data summarizing losses from hacks and scams in 2023, revealing a total loss of $2.61 billion, excluding multichain losses.
This represents a 27.78% decrease compared to 2022 when global cyber thefts amounted to approximately $3.6 billion. PeckShield reported that over $674 million was recovered from more than 600 large-scale hacks, constituting 25% of the stolen crypto.
This recovery amount significantly surpassed 2022 figures, showcasing improved negotiation efforts with hackers and the growing impact of bug bounty programs. The security firm emphasized the role of active engagement with hackers, bug bounty initiatives, collaboration with centralized exchanges, Tether, and law enforcement in freezing detected funds for successful recovery.
Data points highlighted by PeckShield included the prevalence of flash loan attacks in 40% of 2023 hacks, the ongoing susceptibility of decentralized finance (DeFi) platforms, and the shift in illicit transaction volume from Bitcoin to stablecoins in 2022 and 2023.
Despite improvements in DeFi security, PeckShield noted that 67% of losses in 2023 were attributable to DeFi, with 58% due to hacks and 42% to scams.
