Hacken predicts dynamic crypto hacking in 2023.
A recent report by Hacken reveals that nearly half of all crypto hacks in 2023 were caused by access control issues. The crypto market experienced a significant decline in losses due to hacks, totaling $1.9 billion, compared to the previous year. This decline can be attributed to the collapse of Terra. Hacken, a blockchain security auditor, conducted the research.
Despite the decrease in losses, analysts are concerned about the dynamics of the crypto market in 2023. They emphasize the quantity and nature of incidents, noting a 14% increase in attacks compared to the previous year. Access control issues were identified as the most damaging vulnerability in 2023.
Hacken’s data also revealed that other types of attacks, such as rug pulls and flash loan attacks, enabled hackers to amass hundreds of millions of dollars worth of crypto.
The report highlights the top networks affected by hacking incidents. BNB Chain (formerly Binance Smart Chain) was the most targeted network, with 214 incidents recorded. It was followed by Ethereum with 178 incidents and Arbitrum with 30 incidents. Hacken’s analysts suggest that these statistics may be due to blockchain developers being hesitant to audit their protocols.
Surprisingly, only 10% of exploited smart contracts underwent any form of audit in 2023, according to Hacken’s data. Furthermore, only half of these audits were deemed relevant. The report also noted cases where protocol developers launched a different code in production than the one that was prepared for audits.
However, 2023 saw a positive development as exploited smart contracts successfully recovered around 20% of stolen funds, amounting to approximately $400 million. This was attributed to rapid team responses and the unexpected goodwill of hackers.
In other news, North Korea set a new record for the number of crypto hacks in 2023, according to data.
