Key Points

  • Crypto hacking spree continues as developers lack proper solutions to track looters as $300 M is stolen in Q2 2023
  • Year-over-year losses to crypto hacks have dropped by 58%

Crypto hacks have persisted into 2023 though a noticeable drop of 58% YoY has occurred. A report by Certik, however, shows that $300 million was stolen from the industry in Q2 2023.

Crypto hacks are reducing, but it’s not time to celebrate yet

Th report by Certik shows that between April and July 2023, a total of $100 million was being siphoned out of the crypto industry by hackers each month. The whole amount was siphoned in 212 security breach occasions.

Certik also noted that this time the amount stolen in the year is much lower than 2022’s $745 million in the same period, a 58% decline. However, this drop in total losses came with new developments. The amount lost in scams rose to around $70 million in the period, a more than 50% increase from Q1 2023, which recorded a loss of $31 million.

Certik also recorded an increasingly concerning rise in losses across BNB Chain ecosystems. BNB Chain had a rough 2022 after a bridge was hacked, almost losing half a billion dollars. The new report shows that it recorded the largest incidents with 119 ($70.7 million), while Ethereum came second with 55 incidents ($65 million).

Keep watching Fintech Express for more updates on crypto and other fintech-related developments.