This year, criminals have managed to steal $2.2 billion from crypto platforms, mainly due to compromised private keys, according to blockchain analysis company Chainalysis based on its own research. The $2.2 billion is an increase of 21 percent compared to the $1.8 billion stolen last year, but less than the record year of 2022, when thieves made off with $3.7 billion worth of crypto, according to the figures from Chainalysis.
The number of ‘hacking incidents’ set a new record this year and amounted to 303. Last year there were 282, according to the analysis. Decentralized finance (DeFi) platforms have been a prime target of attackers for years. “It is possible that DeFi platforms are more vulnerable because their developers prioritize rapid growth and getting the product to market over implementing security measures, making them an attractive target for hackers,” Chainalysis said.
The blockchain analytics firm notes that DeFi platforms saw the most money stolen in the first quarter of this year, but centralized services were most frequently targeted in the second and third quarters. Two attacks were noticed. This involved the attack on the Japanese crypto exchange DMM Bitcoin, where $305 million was stolen, and the Indian crypto exchange WazirX, which was robbed of around $245 million.
“DeFi’s shift to centralized services highlights the growing importance of securing methods commonly used in attacks, such as private keys. Compromised private keys accounted for the majority of stolen funds, around 44 percent. For centralized services, securing private keys is essential because they provide access to users’ assets,” Chainalysis further said.
In short:
| Summary Point | Details |
|---|---|
| Total Amount Stolen (2023) | $2.2 billion (up 21% from $1.8 billion in 2022) |
| Record Amount Stolen (2022) | $3.7 billion |
| Number of Hacking Incidents | 303 incidents (new record, up from 282 last year) |
| Major Targets | DeFi platforms (most money stolen in Q1) and centralized services (most frequent targets in Q2 & Q3) |
| Source of Compromise | Compromised private keys accounted for 44% of stolen funds |
