Losses from crypto incidents in Q4 2023 dropped by 70%.
Analytical report by BitOK
Analytical report by BitOK
December has much less stolen cryptocurrency compared to November, and the overall losses for Q4 dropped by almost 40% from Q3.
In Q4 2023, cybercrime losses dropped by 36% from almost $700 million to $450 million compared to the previous quarter. On an annual scale, stolen volumes fell by 70% from nearly $1.5 billion in Q4 2022.
In 2023, the industry faced losses of about $1.8 billion from fraudsters, hackers, and cybercriminals—half the amount seen in 2022 when their activities brought in $3.7 billion.
It's worth mentioning that the collected data doesn't fully capture the market situation. The real extent of losses is considerably higher, as not all victims report their losses.
In 2023, the industry faced losses of about $1.8 billion from fraudsters, hackers, and cybercriminals—half the amount seen in 2022 when their activities brought in $3.7 billion.
It's worth mentioning that the collected data doesn't fully capture the market situation. The real extent of losses is considerably higher, as not all victims report their losses.
November stood out as the most impactful month in Q4 2023 for the industry, hosting the top three incidents in terms of stolen funds:
- Heco Bridge (over $86.2 million);
- KyberSwap (over $45.2 million);
- HXA Token (over $29.5 million).
Our analysis indicates that the fourth quarter of 2023 was unique in the year, with over 90% of incidents concentrated in the Ethereum ecosystem in two out of three months (particularly in November, where almost 99% of incidents were associated with this ecosystem).
In December, losses from hacks and fraud were about $40 million, nearly 88% lower than in November. Notably, almost 75% of this amount stemmed from a single incident—the hack of the NFT project HerenciaArtifex, resulting in a $29.5 million loss.
In December, losses from hacks and fraud were about $40 million, nearly 88% lower than in November. Notably, almost 75% of this amount stemmed from a single incident—the hack of the NFT project HerenciaArtifex, resulting in a $29.5 million loss.
