Trends and Predictions of Growing Cryptocurrency Cyberattacks

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Cryptocurrencies will almost certainly continue adoption and further adaptation despite the large 2022 downturn. Growth of the ecosystem and changes underway in 2023 carry important implications for cyberattack risk to both end users and organizations bridging into cryptocurrency throughout the next two years as blockchain-based financial technology further matures. Recent activity and changes to cryptocurrency and decentralized finance (DeFi) have produced stressors on the system. Tracking changes since 2021 and 2022 showcases the trends most likely to continue with regards to cyberattack activity going into 2023 and 2024.

This report analyzes large-scale cybertheft targeting cryptocurrency resulting in at least $1 million in losses. Expanding on data and analysis of cyberattacks from our last related report, which looked at all-time record setting cyberattacks, provides further insights and validation of the cyberattack trends established and growing inside decentralized finance. (2) The primary cyberattack vectors described in our last report retain primacy. Data shows cyberattacks targeting cryptocurrency are now entrenched and present a major stressor to the landscape and are discussed in the figures below.

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2022 best estimates pin total cryptocurrency losses at approximately $3.8 billion, increasing from the previous year. (3, 4, 5) The growth in cyberattacks is now taking place for the first time in the context of largescale decreasing market capitalization across almost all cryptocurrencies. 2023 cyberattacks already track at approximately 25% of the total for 2022. (1) The rate of cyberattack growth is not sustainable for future cryptocurrency platforms.

*** This is a Security Bloggers Network syndicated blog from EclecticIQ Blog authored by Aleksander W. Jarosz. Read the original post at: