PeckShield, a blockchain security company, has published data summarizing the losses incurred due to hackers and scams in 2023, amounting to $2.61 billion, excluding multi-chain losses. This marks a 27.78% drop from 2022, when global cyber theft totaled around $3.6 billion. PeckShield has emphasized that it has successfully recovered more than $674 million, equivalent to 25% of stolen cryptocurrencies, from over 600 large-scale hacks that they have tracked. The company attributes the increased recovery to more aggressive negotiations with hackers and the rise of bug bounty programs.
According to the PeckShield team, active negotiations with hackers can lead to the return of stolen funds, and implementing bug bounty programs or conducting on-chain investigations to identify vulnerabilities in the system enhances security. The company also highlighted the role of collaboration with centralized exchanges, Tether, and law enforcement to freeze funds when discovered. The report revealed various data points, including flash loans, decentralized finance (DeFi), and volume disparities between hacks and scams. Notably, 40% of hacker attacks in 2023 involved flash loan attacks.
Despite some expectations of increased security in DeFi leading to fewer cryptocurrency thefts in 2023, PeckShield emphasized that DeFi remains a significant target for hackers and scammers. In 2023, 67% of losses are anticipated to occur in DeFi, with the remaining 33% in centralized finance. The report also noted a change in the cryptocurrency landscape targeted by malicious actors, with stablecoins accounting for a larger share of illicit transaction volume in 2022 and 2023, diverging from the dominance of Bitcoin in previous years. Additionally, PeckShield highlighted a 25% reduction in laundered stolen funds from 2022, with $460 million compared to $342 million in 2023.
