Immunefi: Crypto industry’s losses from hacks reach $1.8 billion in 2023

The cryptocurrency industry lost $1.8 billion in 2023 due to hacking and fraud, according to Immunefi‘s report.

Although losses fell by more than half—from $3.9 billion in 2022 to $1.8 billion in 2023—the number of individual incidents rose by 90% (from 168 to 319).

On a monthly basis, the largest losses were recorded in November ($343 million), September ($340 million) and July ($320 million).

247 DeFi platform hacks yielded attackers a total of $1.6 billion. 110 fraudulent incidents cost platforms $103 million. Meanwhile, 13.5% of stolen funds (about $231.7 million) were recovered in 19 cases.

The most targeted blockchains remain BNB Chain (131 incidents) and Ethereum (91) — accounting for more than half of losses. They are followed by Polygon with ten incidents and Avalanche with six.

For the year, North Korean Lazarus Group was responsible for the theft of $308.6 million — 17.4% of total losses. Immunefi linked their activity to hacks of Atomic Wallet, CoinEx, Alphapo, Stake and Coinspaid.

The biggest incidents of 2023 were attacks on Mixin Network ($200 million), Euler Finance ($197 million), Multichain ($126 million), Poloniex ($126 million) and BonqDAO ($120 million).

Earlier, TRM Labs listed factors that could have contributed to reducing crypto industry losses from hacks in 2023.