Crypto Thieves Take a Dive: Stolen Funds Plunge by Over Half to $1.7 Billion in 2023

According to a report by blockchain intelligence firm Chainalysis, cryptocurrency theft decreased by 54.3% in 2023, totaling $1.7 billion, following a record-setting year in 2022 when $3.7 billion was lost to hacks and theft. The decline is primarily attributed to a decrease in decentralised finance (DeFi) hacks, with cybercriminals stealing over $3.1 billion from DeFi platforms and applications in 2022, compared to $1.1 billion in 2023, marking a 63.7% yearly drop. Despite the reduced value of stolen crypto, the frequency of such incidents increased from 219 in 2022 to 231 in 2023. Notably, North Korea-affiliated cybercriminal groups, including Kimusky and Lazarus Group, were responsible for at least 20 hacks in 2023, suggesting a continuing trend of state-sponsored cybercrime activity.