The dramatic fall in overall thefts is attributed to a drop in attacks against Decentralized Finance (DeFi) tools. DeFi tools cut out regulated institutions, such as the banking industry, from financial transactions. Of the $1.7 billion stolen in 2023, almost two-thirds stemmed from hacks that targeted DeFi protocols. One explanation behind the drop in money lost to crypto attacks, is that DeFi security protocols are becoming more adept at plugging holes in their software.
Source: Written by Henry Pope, 2024-01-27; https://www.occrp.org/en/daily//en/daily/18408-funds-stolen-from-2023-crypto-thefts-down-more-than-50-from-2022