Crypto

Decentralized finance hacks: the worst is yet to come in 2023

Is 2023 worse than 2022? – The cryptocurrency ecosystem is suffering from hackers and other scammers. Having made 2022 a big year for hackers, many experts do not foresee any major changes in 2023.

2022: A dark year for DeFi

2022 has been a year full of innovation for the cryptocurrency ecosystem. Indeed, we have seen the transition of Ethereum to Proof of Stake, the launch of other blockchains, as well as the emergence of many decentralized applications.

However, 2022 was also a year of sad records: cryptocurrency hacks. Indeed, the amount of funds stolen in DeFi is estimated at more than $3 billion.

DeFi: Hackers Favorite Playground in 2022

Indeed, the Axie Infinity, Wormhole, and Binance Token Hub hacks resulted in the loss of over $1 billion in cryptocurrencies. Added to this are funds stolen through fraud from cryptocurrency users. Not surprisingly, phishing attacks were the most common this year.

In comparison, in 2021, $1.3 billion was stolen from DeFi-targeted hacks. Thus, in 2022, the number of funds stolen during a hack more than doubled.

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2023: little will change

Unfortunately, according to many experts, this trend is unlikely to reverse in 2023. Indeed, as Tommy Deng of security company Beosin pointed out to our colleagues at CoinTelegraph:

“As long as there is interest in the cryptocurrency market, the number of hackers will not decrease. »

The situation may even worsen. Indeed, more and more hackers are targeting DeFi protocols. The latter continue to improve and develop new tools to detect flaws. As Dmitry Mihunin explained:

“Hackers have become smarter, gained experience and learned to look for errors. »

At the same time, DeFi protocols themselves continue to create dangerous situations. In fact, many protocols are deployed without a security audit worthy of the name. Therefore, these protocols may have deficiencies that are already well known, but which will not be corrected due to lack of audit. In addition, many bug reports published by security companies are rarely used by developers:

“People who read reviews like this are average investors who care about their money. Real blockchain developers are too busy coding. They don’t have time to read this material. »

For their part, users are also being targeted by hackers. The fact is that more and more phishing attacks are being registered in the ecosystem. They affect both large players in the ecosystem and individuals.

Disasters and hacks don’t just happen to others! It is better never to trust the security of your cryptocurrencies to third parties. To sleep well, arm yourself with a secure Ledger hardware wallet, there is something for everyone. Your security is priceless (commercial link).

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