Crypto Hacks Will Surpass $1.8B in 2023, ENS Token Rises: Finance Redefined
Welcome to Finance Redefined, your weekly DeFi Insights – a newsletter designed to bring you the most important developments from the past week.
Crypto hack losses fell by more than 50% in 2023. However, the industry still saw more than $1.8 billion in exploit losses, and Dykes identified the attacker behind the $9 million exploit and is reportedly considering legal action against the attacker. All this and more in our weekly newsletter!
The top 100 DeFi tokens had a volatile week, with the tokens' prices recording large swings from bearish to bullish. However, the total value of the foreclosure dropped below $60 billion nearly two months later.
Crypto hack losses down 51 percent by 2023: Report
In the year By 2023, more than $1.8 billion in digital assets will be lost to 751 security threats. While still high, this total is 51% less than in 2022, when losses from hacking and other issues reached $3.7 billion.
The information comes from blockchain security firm Certike's annual report titled “Hack3d: The Web3 Security Report 2023.” On January 3, the security company prepared a document that highlights the state of Web3 security in the past year.
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ENS token rose 70% as Vitalik Buterin praised the platform as “extremely important”.
The Ethereum Name Service (ENS) management token rose by 72% on January 3 after the domain platform received thanks from Ethereum co-founder Vitalik Buterin.
In a Jan. 3 post to X (formerly Twitter), Buterin hailed Ethereum's naming service as “extremely important” and reiterated that the platform should remain open and accessible to all users of the Ethereum network, especially those on Layer-2 networks.
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DYdX identifies the attacker, legal action assumes losses of more than 9 million dollars
Decentralized cryptocurrency dYdX claims to have identified the attacker responsible for the November 17, 2023 attack on its exchange v3 platform, which resulted in a loss of $9 million from its insurance fund.
In the posthumous “targeted attack” on the exchange, dYdX has confirmed that it is now seeking legal action against the person responsible. DIDX says it has improved its v3 trading platform to enhance open demand monitoring and alerts to avoid coordinated attacks with similar tactics in the future.
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It is reported that the chain crossing orbit bridge has been exploited for 82 million dollars
Hackers reportedly used Orbit Bridge's cross-chain protocol, the Orbit Chain Bridge service, for a total of $82 million.
In a December 31 X post, anonymous Twitter user Kgjr drew attention to the potential exploit by pointing to a series of large streams from the Orbit Chain Bridge protocol. On-chain sleuth officer CIA and blockchain security firm Syvers have released similar information.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, DeFi's top 100 tokens had the biggest week by market capitalization, with most trading in the green on the weekly charts. After weeks of intense price action, the total value locked in DeFi protocols has dropped below $60 billion.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
