{"id":1364,"date":"2024-01-02T15:15:28","date_gmt":"2024-01-02T15:15:28","guid":{"rendered":"https:\/\/aqqute.com\/blog\/?p=1364"},"modified":"2024-01-02T15:15:28","modified_gmt":"2024-01-02T15:15:28","slug":"hackers-managed-to-steal-2-billion-in-crypto-in-2023-but-for-the-first-time-since-2020-the-trend-is-showing-a-decline","status":"publish","type":"post","link":"https:\/\/aqqute.com\/blog\/2024\/01\/02\/hackers-managed-to-steal-2-billion-in-crypto-in-2023-but-for-the-first-time-since-2020-the-trend-is-showing-a-decline\/","title":{"rendered":"Hackers managed to steal $2 billion in crypto in 2023, but for the first time since 2020, the trend is showing a decline."},"content":{"rendered":"

Throughout 2023, scammers and hackers executed numerous cyberattacks and rug pulls, resulting in the theft of approximately $2 billion worth of cryptocurrency, as reported by De.Fi, a web3 firm. A spokesperson for De.Fi, in a conversation with TechCrunch, emphasized that the figure highlights the \u201cpersistent vulnerabilities and challenges within the DeFi ecosystem.\u201d<\/span><\/p>\n

De.Fi\u2019s REKT database documented at least 455 incidents in 2023, with the largest hack amounting to $231 million, attributed to Multichain. Despite the alarming $2 billion total, the efforts of cybersecurity experts and white hat hackers led to the recovery of approximately $200 million from the overall sum, De.Fi\u2019s data shows<\/span><\/p>\n

Ethereum seems to be taking the lead in terms of the frequency of hacks, as it contributed to over 70% of the stolen funds in five out of twelve months in 2023. For instance, in November, the network accounted for about 99% of all incidents that month.<\/span><\/p>\n

Hacking and scams continue to present a significant obstacle to the widespread acceptance of cryptocurrencies. In 2022, the industry incurred losses exceeding $3.8 billion due to dubious schemes and cyber incidents, according to data from Chainalysis.<\/span><\/p>\n

MicroStrategy\u2019s BTC investment yields over 300% investor gain in 2023<\/b><\/p>\n

MicroStrategy\u2019s big investment in Bitcoin has yielded considerable gains for its investors, as the company\u2019s stock has experienced a remarkable 308% increase for this year.<\/span><\/p>\n

MicroStrategy has come out as one of the biggest gainers in the US among companies valued at $5 billion or more in terms of share prices.<\/span><\/p>\n

According to a report by CNBC on Dec. 26, MicroStrategy\u2019s allure to investors stems almost exclusively from its Bitcoin (BTC) holdings, unlike its technology counterparts, which depend on revenue growth and market share.<\/span><\/p>\n

The company\u2019s stock has soared by 308% this year, surpassing Bitcoin\u2019s 156% gain. As of Dec. 27, MicroStrategy\u2019s stock (MSTR) traded at $603.89 in after-hours, according to Google Finance.<\/span><\/p>\n

The firm\u2019s success overshadows even major tech companies like Nvidia, Meta, Apple, Microsoft, and Google.<\/span><\/p>\n

Bitcoin is the cornerstone of MicroStrategy\u2019s success. The company started buying BTC in 2020 amid global economic uncertainty to hedge its balance sheet against rising inflation.<\/span><\/p>\n

Since then, the leading cryptocurrency has increased in value severalfold, peaking at $69,000 during the height of crypto\u2019s bull run in 2021 and possibly making its way back to all-time highs on the back of spot Bitcoin ETF optimism.<\/span><\/p>\n

MicroStrategy currently boasts a BTC war chest that has now accumulated approximately 174,530 BTC, the largest corporate holding of Bitcoin, valued at around $7.36 billion.<\/span><\/p>\n

According to stock analyst Joseph Vafi, Bitcoin plays a pivotal role in the firm\u2019s performance, noting that while MicroStrategy\u2019s other business aspects are healthy and leading in their sector, Bitcoin remains the central focus.<\/span><\/p>\n

MicroStrategy\u2019s market capitalization stands at $8.5 billion, with 86% of its value directly tied to its Bitcoin holdings. Michael Saylor, the former CEO, pioneered a method for investors to gain exposure to Bitcoin without having to buy it directly.<\/span><\/p>\n

Vafi lauded Saylor\u2019s vision, noting his strategic use of the company\u2019s robust balance sheet to embark on this Bitcoin treasury experiment, which has proved successful.<\/span><\/p>\n

However, the potential approval of spot Bitcoin ETFs in January could introduce competition to MicroStrategy\u2019s model. These ETFs, filed by Wall Street titans such as BlackRock, Grayscale, and Hashdex, are expected to draw billions of dollars into the cryptocurrency sector, as per experts.<\/span><\/p>\n

Despite this potential competition, Vafi views the ETFs positively, anticipating they will drive Bitcoin\u2019s price higher, benefiting MicroStrategy.<\/span><\/p>\n

Saylor recently commented that the approval of a spot Bitcoin ETF could be the most significant Wall Street development in 30 years.<\/span><\/p>\n

Furthermore, MicroStrategy shows no signs of reducing its Bitcoin accumulation. In November, the firm made its largest purchase since 2021, acquiring an additional 16,130 BTC for approximately $593 million.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Throughout 2023, scammers and hackers executed numerous cyberattacks and rug pulls, resulting in the theft of approximately $2 billion worth of cryptocurrency, as reported by De.Fi, a web3 firm. A spokesperson for De.Fi, in a conversation with TechCrunch, emphasized that the figure highlights the \u201cpersistent vulnerabilities and challenges within the DeFi ecosystem.\u201d De.Fi\u2019s REKT database …<\/p>\n","protected":false},"author":1,"featured_media":1365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology-trends-and-news"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t