Crypto News

Crypto Security Firm Recovers Over $674M From Hacks, PeckShield Reports 

In a promising turn of events, blockchain security company PeckShield has reported a significant recovery of funds from cryptocurrency hacks.

The firm’s latest statistics reveal that over $674 million has been recovered from more than 600 hacks, marking a notable improvement from previous years.

PeckShield’s data for 2023 highlights a positive trend in the cryptocurrency security landscape. Despite recording a substantial $2.61 billion in losses to hacks and scams throughout the year, there was a notable 27.78% decrease compared to the $3.6 billion lost in 2022.

Of particular interest is the revelation that 25% of the stolen cryptocurrency was successfully recovered by PeckShield’s investigations. This recovery effort underscores the growing effectiveness of security measures in combating cryptocurrency-related cybercrime.

33% Of 2023 Breakdown Happened In Centralized Finance

The breakdown of losses in 2023 reveals that 33% occurred in centralized finance (CeFi), while 67% were attributed to decentralized finance (DeFi). Within these sectors, 42% of losses stemmed from fraudulent activities, while the remaining 58% were the result of cyberattacks.

Despite ongoing security enhancements within the DeFi space, PeckShield emphasizes that it remained a primary target for hacks and fraudulent schemes throughout the year. Despite claims of improved security measures, the data suggests that DeFi platforms continued to experience vulnerabilities, resulting in significant financial losses for users.

PeckShield’s findings shed light on the evolving landscape of cryptocurrency security and highlight the importance of continued vigilance and investment in robust security measures.

As the industry navigates the complexities of digital asset protection, efforts to mitigate risks and safeguard user funds remain paramount.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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