Cryptocurrency hacking losses decline significantly in 2023

Blockchain intelligence firm TRM Labs reports a notable reduction in cryptocurrency hacking losses in 2023, with a decline of over 50% compared to 2022.

The total losses from crypto hacking dropped to approximately $1.7 billion in 2023, a significant decrease from the $4 billion in 2022.

TRM Labs attributes this decline to several key factors, including enhanced security measures implemented across the crypto industry.

The adoption of real-time transaction monitoring and anomaly detection systems has fortified wallets and exchange platforms against potential security breaches.

The top ten hacks of the year were responsible for around 70% of the total stolen funds.