CryptoWatch: 2023 Faced Massive Hacks but it Declined Significantly, with Mt. Gox's Double Pay Returns

Isaiah Richard, Tech Times 31 December 2023, 09:12 pm

2023 was a massive year for cryptocurrency, as it saw a significant drop and rally for its prices, but also because of the many hacks that took place this year. However, the year-end report regarding cryptocurrency hacks of 2023, saw a significant drop in the funds taken by threat actors, centering on the security upgrades that took effect from the last two years.

(Photo : Tech Times)

Also, Mt. Gox, the now-defunct company that initially offered Bitcoin in 2014 is back to pay its victims for the almost ten years since the money was taken, but has made mistakes in the reimbursements.

Crypto Theft of 2023: Total of $1.8 Billion in Cryptocurrency Stolen

For the entire year of 2023, there have been massive hacks against users and companies operating exchange platforms, and a tracker of all these events claimed that there was a total of $1.8 billion stolen this year. That is a large amount of money, encompassing a massive 12-month period, where victims were left without their holdings, as targetted by hackers.

This report came from De.Fi, a company known for operating the REKT database, centered on the ecosystem weaknesses, which highlighted the problems. It was also revealed here that earlier in the year, the bad market cast a shadow of doubt on the crypto industry.

Massive attacks centered on platforms like Euler Fiannce, Multichain, BonqDAO, Poloniex, Atomic Wallet, and more.

Cryptocurrency Theft of 2023 is Lower Compared to Past Years

It was also added by the watchdog that cryptocurrency theft in 2023 saw a significantly lower total compared to the past years, and this is a massive difference.

For 2023 alone, a total of $1.8 billion in crypto was stolen. Yes, this is still a massive sum regarding the breaches and theft, but compared to 2022's $3.8 billion, this is already a significant reduction.

With as much as $2 billion less than last 2022, experts are regarding the massive safety features and improvements that companies and platforms enforced, resulting in a safer ecosystem in 2023.

Many are hoping that this trend will continue this 2024, especially as more security features are developed, looking to stem threat actors from walking away with customer and company funds.

Mt. Gox 2014 Bitcoin Hack Returns Stolen Funds

What was once the most popular cryptocurrency platform, Mt. Gox is now returning the lost funds from the infamous 2014 Bitcoin hack which is known for causing the company to crash and file for bankruptcy. Almost ten years after the incident, the trustees returned the money to concerned individuals, but their problems did not stop there.

This is because some victims were sent double payments via the PayPal platform.

Now, the company is sending emails to the concerned users regarding the incorrect payments, with the company claiming that they are compelled by the law to return the excess.

The massive Bitcoin hack of 2014 amounted to a total of 850,000 of the crypto which only amounts to $272 million from almost ten years ago, far from its massive sum now.