These were the biggest crypto hacks of 2023

In a year marked by both spectacular successes and devastating setbacks, the world of cryptocurrencies faced its share of challenges. Also striking are the crypto hacks, in which millions in value are lost in the blink of an eye. This article takes a look at the most significant crypto hacks of 2023, providing both a warning and a teachable moment for the crypto community.

Euler Finance’s flash loan attack

The Euler Finance hack in March was not only the largest crypto hack of the year, but also resulted in the largest recovery of stolen funds to date. A vulnerability in the system allowed a hacker to steal up to $197 million in various assets, including DAI, Wrapped Bitcoin (wBTC), USDC Stablecoin, and Staked Ethereum (stETH). The notable twist in this story is the return of the stolen funds after a series of cryptic messages from the perpetrator, known as “Jacob.”

Multichain

In July, the crypto world was once again rocked by a significant hack, this time at Multichain. The cross-chain bridge protocol recorded a loss of an astronomical $125 million in various cryptocurrencies, mostly due to the Fantom bridge. The hack highlighted the vulnerability of cross-chain operations and led to the closure of Multichain, unfortunately underscoring the fragility and risks of decentralized finance (DeFi).

Stake.com

September began with alarming news when it was announced that Stake.com, an online crypto casino, was robbed of $41 million. The hack, possibly attributed to North Korea’s infamous Lazarus Group, stole a variety of cryptocurrencies including ETH, Polygon (MATIC), and BNB. This attack highlights the ongoing threat posed by organized crime groups in the digital currency space.

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Ledger’s Connect Kit

The last month of the year saw one of the most disturbing attacks involving Ledger Connect Kit. About $600,000 in assets were lost after a hacker injected fraudulent code into software, unknowingly allowing users to access their digital wallets. While Ledger responded quickly to limit further damage, the attack is a stark reminder of the constant threats facing the crypto community. Even hardware wallets that are generally considered extremely secure seem to have their weaknesses.

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