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