Blockchain security firm SlowMist estimated that total losses from the 10 largest crypto hacks in 2023 totaled over $1 billion. Hacks involving entities linked to Tron founder Justin Sun lost over 20% of funds, even as security companies rush to address fresh threats on Solana.

A Heco chain exploit and a breach at Poloniex caused about $243 million in losses. The hack with the largest loss was that of Mixin, a decentralized digital asset management organization.

Crypto Hacks May be Due to “Duct Tape” Code

Mixin suffered a cloud breach that cost clients about $200 million. The organization arranged to compensate for 50% of losses. The second-largest hack stole $197 million from the decentralized finance lending protocol, Euler Finance.

Read more: How To Identify a Scam Crypto Project

The Poloniex exchange suffered the third-largest loss of $130 million. Poloniex is a crypto exchange bought by controversial crypto entrepreneur Justin Sun. A 2022 report by the Verge alleged that Poloniex’s software consisted of “duct tape” code.

AllianceBlock suffered a hack of its Bo

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Author: David Thomas

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