The crypto industry experienced a significant number of security incidents in 2023 but is exploring new approaches to fight back against attackers and protect firms’ public images.
The crypto industry has experienced a significant number of security incidents in 2023, though overall losses declined from the previous year. A report by TRM Labs estimates that about 160 crypto projects have been hacked this year, resulting in losses of approximately $1.7 billion.
Even though TRM Labs said things were improving in the crypto world, with smaller losses from hacks, there have still been some significant security issues recently. Take, for instance, the hack on Ledger’s connector library and the theft of millions of dollars worth of nonfungible tokens (NFTs) from the NFT Trader platform.
However, the crypto space has seen interesting developments that may signal a new trend in dealing with on-chain security incidents. Ledger vowed to fully cover the victims’ losses, while a security initiative led by Yuga Labs paid 120 Ether (ETH) as a bug bounty for recovering stolen high-value NFTs. Flooring Protocol also decided to pay back users who were hit by an attack over the previous days.
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Source: https://cointelegraph.com/news/crypto-biz-solana-saga-mania-tether-fbi