Half a Billion Dollars Lost to Hacks and Illegal Practices in the Crypto Market by 2023

Conclusion

The first half of 2023 saw a significant financial impact of illegal practices, such as hacks, phishing scams and back pulls, on the crypto market, with losses exceeding half a trillion dollars. Although losses from hacking incidents were lower than in 2022, the damage remains significant.

Still, there are encouraging signs of progress as a significant percentage of stolen assets have been recovered, much higher than in the previous year. These developments underline the continued importance of robust security measures in the rapidly evolving crypto sector.

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