Since the start of 2023, hackers have stolen roughly $1.7 billion from various cryptocurrency projects. This amount represents a significant drop from 2022, when losses from cyber incidents reached about $4 billion. Analysts note that the scale of thefts has cooled somewhat, yet the threat remains substantial for projects, users, and investors across North America and beyond. Entities in the crypto ecosystem continue to monitor trends, often highlighting that even this year’s lower totals reflect ongoing, persistent criminal activity rather than a complete safety net for digital assets.
Experts assert that recent improvements in security practices and more vigilant law enforcement efforts have raised the bar for cybercriminals. These measures, alongside better incident response and proactive threat hunting, have made it harder for unauthorized actors to access individual wallets or project-critical infrastructure. While breaches still occur, the overall risk landscape has shifted as communities and regulators push for stronger controls and faster takedowns of malicious activity.
Infrastructure-focused attacks, such as the theft of private keys that unlock access to a project’s servers or software used to withdraw funds or manipulate markets, accounted for roughly 60% of total digital asset cybercrimes in the year. These incidents often exploit weaknesses in custody solutions, cross-chain bridges, and developer tools, underscoring the need for robust key management, multi-signature schemes, and continuous security testing across platforms with Canadian and American user bases in mind.
TRM Labs reported that about 70% of stolen cryptocurrency assets were the result of the top 10 cyber incidents. Among these were high-profile breaches targeting a decentralized lending service that connects multiple blockchain networks and a major crypto exchange. Each of these operations yielded attackers around $100 million, illustrating how a small number of events can dominate the loss landscape and drive industry-wide changes in risk management, compliance, and disclosure practices. The pattern emphasizes the importance of strong transaction monitoring, rapid fraud response, and clear governance for platforms serving North American users. [TRM Labs attribution]
In the broader context, many incidents have involved users and platforms with exposure in Europe and Asia as well, but the impact on North American users remains pronounced due to the maturity of markets, higher asset values, and the density of DeFi activity. As awareness grows, so do preventive measures—ranging from improved key storage and backup strategies to more rigorous auditing and incident disclosure. The ongoing evolution of security standards is a reminder that safeguarding digital assets requires coordinated effort among developers, exchanges, wallets, and law enforcement agencies. [TRM Labs attribution]