PeckShield established that the amount of crypto stolen via illegal means reduced from $3.6B in 2022 to $2.6B last year.
Of the crypto assets stolen last year, users recouped assets worth almost $675M. However, PeckShield, a blockchain security company, reports that criminals stole $2.6B.
DeFi Protocols Dominate 2023 Crypto Hacks
According to the firm, the total amount stolen via illegal methods reduced from $3.6B in 2022. In an X (formerly Twitter) post, PeckShield wrote that decentralized finance (DeFi) protocols are still primary targets and account for 76% of the stolen funds.
Following the report’s unveiling, business returned to normalcy. PeckShield flagged the $6.5M worth of crypto assets affected by an attack on lending as well as MIM Spell, a staking protocol. Earlier in January, Chainalysis reported that illegal activity considerably reduced last year. However, darknet activity and ransomware were prevalent.
PeckShield Reports Darknet Prevalent
Ransomware refers to a kind of malicious software designed to prevent access to computer data or systems. Often, encryption happens until a ransom is paid.
On the other hand, darknet refers to a part of the internet not indexed by standard search engines and whose access only happens via specialized anonymity offering tools such as Tor. It is famous for promoting user privacy and is mainly linked to several unlawful and private activities.
Privacy coins such as Zcash and Monero have gained popularity on the darknet since they make it hard for authorities to monitor transactions.
Chainalysis’s ‘illegal activity report is different from PeckShield’s in that besides considering all the funds acquired from unwary users, it also takes into account all unlawful activity.