Crypto Thefts in December 2019 Reach Almost $100 Million, Indicating a Year-End Surge in Digital Asset Crimes
As the year 2023 came to an end, the cryptocurrency community experienced a surge in thefts, leading to a significant increase in losses caused by hacking and scam incidents. In December, one of the most severe security breaches of the year took place, resulting in a staggering $100 million being stolen in cryptocurrency.
The exploitation of Orbit Bridge on New Year’s Eve played a critical role in this surge and contributed to the alarming theft statistics of December. PeckShield, a blockchain security analytics firm, reported that the breach on Orbit Bridge, amounting to $81.5 million, was a major factor in these figures. In total, there were 36 hacking incidents in December, resulting in approximately $100 million being stolen. The attack on Orbit Bridge ranked as the ninth most impactful cross-chain bridge hack in the past three years.
On January 1, 2024, PeckShieldAlert shared the details of the attacks on Twitter, revealing that hackers had stolen around $99.3 million in over 36 attacks in December. The exploit on the cross-chain bridge, OrbitBridge, amounted to $81.5 million and marked it as the ninth most significant hack targeting a cross-chain bridge in the last three years.
In response to the breach on December 31st, Orbit Chain took immediate action. They collaborated with global cryptocurrency exchanges to freeze the stolen assets and worked closely with law enforcement agencies to track and stop the movement of the stolen funds. The team is also engaged in ongoing communication efforts with the attackers and has delivered a second message to them.
While the incident involving Orbit Bridge marked a significant event at the end of the year, 2023 as a whole witnessed substantial losses in the crypto space. Security firms estimate that the total losses due to hacks, scams, and exploits range between $1.51 billion and $2 billion. It is worth noting that this represents a decline of approximately 50% compared to the previous year.
According to Coinpedia’s hack report, vulnerable periods in September and November resulted in losses of over $700 million. Other major incidents included a $200 million loss from Mixin Network in September and significant losses from Poloniex, HTX, and Heco Bridge in November.
In conclusion, while there has been a notable decrease in total losses from hacks, scams, and rug pulls compared to 2022, the cryptocurrency community still faces threats. The significant drop from $4.38 billion in 2022 to $1.4 billion in 2023 due to hacks is a positive development. However, the exploit on Orbit Bridge serves as a stark reminder of the ongoing challenges within the crypto ecosystem. This highlights the importance of increased vigilance and enhanced security measures to safeguard against potential breaches in the future.
Tags: Hack