Cryptocurrency Hacks Surpass $1.58 Billion This Year, Chainalysis Reports

IconCryptoNewsTerminal Staff15 Aug, 2024

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Cryptocurrency Hacks Surpass $1.58 Billion This Year, Chainalysis Reports

Chainalysis, a leading blockchain data analytics firm, has recently released a report highlighting a significant increase in cryptocurrency hacks in 2023. According to the report, over $1.58 billion worth of digital assets have been stolen so far this year, representing a staggering 84% rise compared to the same period last year. This surge in stolen crypto assets is primarily attributed to the substantial increase in the average value stolen per hack. In 2022, the average value stolen per hack was around $5.9 million, while in 2023, this figure has jumped to $10.6 million. While the number of hacking incidents has not witnessed a significant year-over-year increase, the substantial rise in cryptocurrency values has resulted in a significant financial impact from these hacks. This trend underscores the growing need for enhanced security measures and risk management practices within the cryptocurrency industry.

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