The 2023 crypto winter has been challenging for many, not least the thieves who target crypto wallets, platforms and token protocols. So far this year, they’ve only managed to steal $1 billion in crypto assets — a steep fall from 2022’s record $3.8 billion. 

Unfortunately, the decline appears to have more to do with a reduction in available capital than with stronger defenses. And while the scale of attacks has fallen, their frequency has in fact risen sharply: from 60 hacks in 2022 to 75 as of the end of October. And the year isn’t over.

If decentralized finance is ever to be widely accepted by retail and institutional investors, then it needs to achieve its goal of…

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