- Crypto hacks in 2023 resulted in a $735 million loss across 69 incidents.
- Atomic Wallet’s $100 million hit is linked to North Korea’s Lazarus Group.
As the crypto world navigates another tumultuous year, the specter of cybercriminals looms large. A string of heists has plagued the industry, amounting to over $735 million siphoned across 69 hacks so far in 2023, marking a staggering surge in digital theft. Among these, six stand as emblematic examples of the audacious exploits that have rocked DeFi protocols and crypto exchanges.
1. Euler Finance
The year began with a seismic blow as lending protocol Euler Finance endured a colossal breach, haemorrhaging close to $197 million. The attacker leveraged vulnerabilities in Euler’s donate function contract, sparking a high-stakes chase. Despite the hacker’s claim and partial restitution, questions linger about the intricacies of the exploit and the motives behind the elusive figure.
2. Multichain
The summer heat brought more than sweltering temperatures as the Multichain cross-chain bridge protocol was ransacked, lost over $125 million. Suspicion of insider involvement clouded the incident, amplifying concerns about decentralized protocols. The hack reverberated across Fantom, Dogecoin, and Moon River bridges, shaking confidence in centralized asset repositories.
3. Atomic Wallet
June saw the Atomic Wallet, a bastion of non-custodial security, breached for a staggering $100 million. Dark shadows emerged as the hack was allegedly linked to the North Korea-associated Lazarus Group. Beyond financial repercussions, the attack’s geopolitical implications underscored the intersection of cybercrime and global security concerns.
4. Curve Finance
Multiple exploits rocked Curve Finance in July, resulting in a hefty loss of $61 million across various trading pools. The initial breach was a catalyst for a wave of subsequent attacks, highlighting vulnerabilities within DeFi platforms and sparking urgent calls for enhanced security measures.
5. Stake.com
September brought the infiltration of Stake.com, a titan in the crypto betting arena, suffering a $41 million hit. Downplaying the impact on operations highlighted vulnerabilities in high-profile platforms, emphasizing the need to fortify digital fortresses against evolving threats. It signals the importance of fortifying digital fortresses against evolving threats.
6. CoinsPaid
A sophisticated social engineering attack targeted CoinsPaid, resulting in a months-long campaign culminating in a $37.3 million heist. The assailants’ link to the Lazarus Group echoed earlier connections, emphasizing the persistent threat posed by sophisticated cybercriminal syndicates.
Furthermore, The drumbeat of heists reverberates through the crypto landscape, painting a harrowing picture of vulnerabilities and escalating risks. Each breach unveils new dimensions of cyber threats, prompting a collective call to action for bolstered security measures and industry-wide resilience. As the year hurtles toward its conclusion, the battle against digital plunder remains a pressing priority for the crypto ecosystem’s fortitude and longevity.
