Blockchain intelligence firm TRM Labs credits this decline to enhanced security measures, law enforcement and industry coordination.
Blockchain intelligence firm TRM Labs says losses from cryptocurrency hacking in 2023 are down more than 50% from 2022, thanks to improvements in industry security.
TRM Labs’ report published on Dec. 13 reveals that losses from 160 hacks to crypto projects amounted to about $1.7 billion in 2023, less than half the $4 billion stolen from internet protocols in 2022.
TRM Labs said the decline is due to enhanced security measures, which have seen the cryptocurrency industry incorporate real-time transaction monitoring and anomaly detection systems, strengthening digital wallets and exchange platforms.