Crypto Market Loss IDR 19 Trillion Throughout 2023, This Is The Cause!

Crypto markets suffered losses throughout 2023, one of which was due to hacking. (Photo; Doc. Coinformania)

JAKARTA - The crypto market experienced a fluctuating year with an astonishing loss report. The first and second quarters of this year recorded losses of US$330 million and US$33 million (equivalent to Rp5.1 trillion), respectively. Worse yet, the third quarter of the crypto market lost nearly US$890 million (approximately Rp12.6 trillion).

September 2023 became a gloomy month for the crypto market. blockchain analytics firm CertiK recorded a drastic increase in crypto-related exploitation, hacking and fraud during the month. Their findings suggest that around $332 million was lost in illegal activities that took place for just a month.

One of the striking hacking attacks was an attack on the Mixin Network on September 23. The Hong Kong-based DeFi project fell victim to a $200 million hack caused by security vulnerabilities in its network cloud services so that it could be exploited by hackers.

Then, crypto exchange CoinEx was also the target of hacking which resulted in a loss of 53 million US dollars (approximately Rp753 billion). This shows that crypto exchange remains the main target for hackers because of the number of digital assets stored there.

Crypto gambling platform Stake.com was also hacked by hackers with a loss of 41 million US dollars (around Rp. 582 billion). Even the special segment in the crypto ecosystem did not escape this exploitation, some accusing the perpetrator of this hack towards North Korean cyber group Lazarus Group. The hacker group was blamed for the hack, which stole total crypto assets worth around 45.6 million US dollars (approximately Rp. 650 billion).

The total loss in 2023 due to exploitation, fraud and hacking reached 1.34 billion US dollars (approximately Rp19 trillion). A report from blockchain security firm Beosin revealed that losses in the third quarter exceeded the combined total of the first two quarters of this year.

This condition underscores the importance of increasing security, implementing strong regulations, and raising awareness among crypto industry players. The year 2023 has been a challenging year, and challenges will continue to overshadow this growing crypto ecosystem.