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  • Philip Osadebay - Tech Journalist

2023 saw $2 billion in cryptocurrency stolen by hackers 

Various cyberattacks and thefts occurred, ranging from the largest incident in history involving the Ronin network in 2022, where over $600 million was stolen, to this year's hack against Mixin Network, yielding hackers around $200 million.

De.Fi emphasized the persistent vulnerabilities within the DeFi ecosystem, despite progress in addressing them. The year 2023 showcased both ongoing vulnerabilities and efforts to address them, even amidst a relatively quiet interest in the space due to the bear market in the first half of the year.

It is estimated that hackers stole approximately $1.7 billion in crypto by mid-December. Major incidents include the Euler Finance hack, where almost $200 million was stolen, along with major hacks against Multichain ($126 million), BonqDAO ($120 million), Poloniex ($114 million), and Atomic Wallet ($100 million) among others.

Comparatively, in the previous year, cybercriminals stole a record $3.8 billion in crypto, with $1.7 billion attributed to North Korean government hackers known as the Lazarus Group. Chainalysis, a blockchain monitoring firm, highlighted the significant impact of cryptocurrency hacking on the nation's economy.

The cryptocurrency world in 2023 wasn't devoid of regulatory scrutiny. Governments worldwide struggled with the need to strike a balance between fostering innovation and safeguarding investors. 

Beyond the immediate financial losses, the psychological impact of cyberattacks on investor confidence cannot be overlooked. As the industry matures, building resilience against such psychological shocks becomes important to its sustained growth. 

Trust, a cornerstone of financial systems, must be actively cultivated in the digital realm.The journey into 2024 carries with it a sense of anticipation and uncertainty. 

The lessons learned from the challenges of 2023 will undoubtedly shape the trajectory of the cryptocurrency industry, as it navigates the complex interplay of innovation, security, and regulatory dynamics in the years to come.

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