$400 million worth of crypto has been stolen from hacked protocols so far in 2023, says trmlabs. But often these days hackers return some of the money, settling for a bounty. baidakova reports
A possible explanation might be increasing regulatory attention to the crypto hacks and a number of high-profile enforcement cases, TRM Labs suggests. First of all, crypto exchanges are ramping up their KYC/AML policies, making it harder to cash out stolen coins. At the same time, the ETH mixing protocol Tornado Cash, which has been one the most popular money laundering tool for Ethereum so far, has been under the U.S.
Also, the case of Avraham Eisenberg, who became the first person known to be arrested for a DeFi exploit, might be serving as a warning sign. Eisenberg exploited the Mango Markets protocol and publicly admitted it, revealing the protocol’s vulnerability.
“Malicious hackers are increasingly having difficulty off-ramping funds and are therefore settling for bug bounties. We are also seeing so-called ‘white hat’ hackers become more and more a part of the ecosystem and could be a helpful way for DeFi services to harden cyber controls," Redbord added.
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