<style>.lazy{display:none}</style>The 6 biggest hacks of 2023 | Money Investors

The 6 biggest hacks of 2023

Avatar photoAugus Curtis
Cryptocurrencies

In the midst of a “busy” 2023 for the world of cryptocurrencies, the shadow of cybercriminals and hacks looms ominously over the industry. With more than $735 million stolen in 69 attacks to date, the hacking of crypto platforms has seen a staggering increase in 2023. This report dives into the details of the six major thefts that have shaken DeFi protocols and cryptocurrency exchanges, highlighting threats affecting both Altcoins and Bitcoin.

These have been the biggest hacks in the crypto industry in 2023

Also read: Best Alternatives to Binance in 2024

1. Euler Finance: Loss of more than 190 million dollars

The year began with a seismic shock when Euler Finance, a lending protocol, suffered a colossal breach that resulted in the loss of nearly $197 million. The attacker exploited vulnerabilities in the Euler donation function contract, triggering a high-risk chase. Despite the hacker’s claim and partial restitution, the complexities of the exploit and the motives behind the elusive figure remain a mystery.

2. Multichain: 125 million dollars stolen

As summer arrived, the cross-chain bridging protocol, Multichain, was looted, losing over $125 million. Suspicion of insider involvement clouded the incident, intensifying concerns about the security of decentralized protocols. This hack resonated across the bridges of Fantom, Dogecoin, and Moon River, shaking confidence in centralized asset repositories.

Also read: Why is Bitcoin so volatile? 4 fundamental reasons

3. Atomic Wallet: $100 Million Security Breach and Geopolitical Links

In June, Atomic Wallet, known for its non-custodial security, was breached for a staggering $100 million. Dark shadows arose when the hack was allegedly linked to the North Korea-associated Lazarus Group. Beyond the financial implications, this attack highlighted the intersection between cybercrime and global security concerns.

4. Curve Finance: Loss of $61 million and a wave of attacks in July

Several exploits rocked Curve Finance in July, resulting in a loss of $61 million across various trading pools. The initial breach acted as a catalyst for a wave of subsequent attacks, highlighting vulnerabilities within DeFi platforms and prompting urgent calls for improved security measures.

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For everyone who has some knowledge of cryptocurrencies, the volatility of the famous Bitcoin is more than obvious. Even so, it is common that not everyone is familiar with the subject, so if you are one of those people who is interested in investing in Bitcoin, but do not know the reason for such volatility, then you are in the right place. In this section we will briefly explain the reasons why Bitcoin has a volatile price fluctuation . Of course, keep in mind that the fate of Bitcoin is the same as that of many digital currencies that are in the market as a general rule, therefore, it is common to see that, if BTC goes down or up, the others do too. Why is Bitcoin so volatile? 1. The lack of regulation as one of its causes . There is a basic concept in the crypto world that talks about the decentralization of Bitcoin and the fact that it is a digital currency that is not regulated under any government entity; this means that there is no one who can regulate the value it has, nor can they do anything to control its falls or rises. So, this decentralization and lack of control is one of the main reasons why its price is so volatile . However, this little or no regulation is the main attraction for which investors see it as a very attractive electronic currency and, if regulations were to appear, this interest could decrease, therefore, it is a difficult factor to remedy. By the way, if you are looking to invest in cryptocurrencies or see the bitcoin price in real time , we recommend you visit KuCoin, a trusted Exchange platform where you can trade BTC or any other digital currency. Why-Bitcoin-is-So-Volatile-1 2. The magic of supply and demand makes BTC volatile . In case you don't know, Bitcoin was created with a cap supply , limited by an amount determined by its developers, this amount is 21 million tokens, but considering its popularity, its price is greatly influenced by the law of supply and demand. That is, by having a limited amount of tokens and receiving so much demand, its price begins to rise due to the scarcity of tokens . On the contrary, if for some reason big investors start selling their bitcoins and flood the market with them, then their price will start to decline. This volatility driven by supply and demand has its advantages and disadvantages. On the one hand, there is a very good chance that, out of nowhere, its price will drop precipitously, but it will also have an equal chance that its value will skyrocket, so, despite being one of the riskiest investments you can make, many people continue to see it as one of the most interesting market opportunities to invest their money. In any case, for many people this price volatility does not imply a real danger, especially if they already have experience in the area and know how to determine the behavior of cryptocurrencies . 3. It is a technology still in evolution . Bitcoin and cryptocurrency technology are still considered a very young investment platform, since it has barely been launched for a decade , hence not everyone knows their concepts or has confidence in them, this prevents them from being maintained. stable in any situation. Such is the case of influential people in the world who, just by talking wonders or, on the contrary, criticizing these coins, make their price rise through the roof or plummet to the ground respectively. It takes a lot of time, trial and error processes for bitcoin to have a price that resists the onslaught of external factors. 4. World conflicts . This goes hand in hand with the law, with supply and demand and the actions taken by the whales or large investors, since each time the world or global economic outlook is affected by some circumstantial event such as the covid-19 pandemic , crises such as that of containers or wars, sanctions and inflation in powerful countries, make investors alert. So, realizing this, they decide that it is better to move their capital to safer and less volatile investments. Hence they sell their bitcoins, saturate the market and cause its price to decrease. On the contrary, if everything begins to stabilize, they seek to return to these high-risk investments, they buy bitcoin and as demand increases, the value of the currency rises.
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5. Stake.com: Infiltration ends in loss of 41 million dollars

In September, Stake.com, a giant in the crypto betting arena, suffered a $41 million loss due to a breach. Downplaying the impact on operations highlighted vulnerabilities in high-profile platforms, emphasizing the need to strengthen digital strengths against evolving threats.

Also read: Satoshi Nakamoto: Who is the creator of Bitcoin?

6. CoinsPaid: Sophisticated attack carried out by Lazarus Group

A sophisticated social engineering attack targeted CoinsPaid, resulting in a months-long campaign that culminated in the theft of $37.3 million. The attackers’ link to the Lazarus Group resonated with previous connections, underscoring the persistent threat posed by sophisticated cybercriminal syndicates.

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