The post $1.7 Billion Lost by Crypto Teams in 2023, Salus Report Says appeared on BitcoinEthereumNews.com.

Salus, a leading cybersecurity vendor in the Web3 segment, analyzed trends that dominated the cryptocurrency attacks scene in 2023. It looks like the losses became more “concentrated,” with 10 largest attacks responsible for over 70% in assets lost. $1.7 billion lost, 453 incidents, September as worst month: Salus’ year in review In 2023, cyberattacks on the cryptocurrency and blockchain industry led to losses exceeding $1.7 billion in equivalent. The net number of major incidents reported totals 453. Such statistics were shared by ML-powered cybersecurity vendor Salus in its latest 2023 Web3 Security Landscape Report. 2023 stands as a pivotal year in Salus’ mission to redefine the #Web3 Security landscape. 🚀 Here are our groundbreaking triumphs: ✅ Security Excellence: We’ve maintained an unparalleled 100% success rate (Zero REKT) in our security audits, effectively shielding our clients… — Salus 🛡️ Web3 Security For All (@salus_sec) December 29, 2023 First of all, it should be noted that the year was way more forgiving for the industry compared to 2022 with its devastating attacks on Ronin Network ($560 million lost), the Wormhole bridge and so on. The worst hack affected a niche blockchain protocol Mixin Network and resulted in $200 million lost in September. As covered by U.Today previously, the Mixin Network team explained its collapse by “issues with a cloud database provider.” In Salus’ ranking, the Mixin hack is followed by Euler Finance ($197 million in March) and Multichain ($126.36 million in July) exploits. A closer inspection of monthly losses reveals an intriguing trend. While September, November and July stood out with substantial losses, October and December marked a notable downturn, hinting at an emergent focus on security awareness and implementing robust safeguards. Access control issues and exit scams responsible for over 50% of losses Speaking about the most dangerous attack vectors, the…

---

Filed under: News - @ December 30, 2023 1:32 pm