Hackers Stole $720M in Crypto in Q3 2023

According to cybersecurity firm Hacken’s research, hackers were able to steal more than $720 million in digital currencies in the third quarter of 2023.

The report revealed that there were a total of 117 successful hacks on various projects and services during this time period.

This number is slightly lower than the previous quarter, which saw 131 successful hacks resulting in a total loss of $327 million in digital currencies.

The majority of these attacks were aimed at crypto wallets, and the researchers noted that many users still continued to use simple passwords, making their accounts easy targets for hackers.

Another concerning trend observed was the increasing frequency of hacks on decentralized finance protocols. With the rise in popularity of DeFi, cybercriminals are targeting these projects more frequently.

This highlights the urgent need for increased security measures and user education in the cryptocurrency space.