Hackers Steal 2.2 Billion in 2023...Yawn

This from a recent article on crypto.news:

Throughout 2023, scammers and hackers executed numerous cyberattacks and rug pulls, resulting in the theft of approximately $2 billion worth of cryptocurrency, as reported by De.Fi, a web3 firm. A spokesperson for De.Fi, in a conversation with TechCrunch, emphasized that the figure highlights the “persistent vulnerabilities and challenges within the DeFi ecosystem.”

Two reasons why this is not news and why news organizations that tout this type of scare tactic are just plain missing the point.

1. It Is Going Down

The first reason is stated clearly in this article, that this is trending downward as of this year. People are getting smarter and paying more attention, so hackers will have to work around the clock to take the same amount. Not that hackers wont get better and new scams wont keep popping up, but it will get harder for them.

2. It Could Be Worse, And It Is Everywhere Else

This is the real point, though.  The current crypto market cap is estimated at 1.7 trillion.  Now, this is a pretty vague estimate, but, let us take it at face value. A little math (you will need to turn your phone sideways as these are pretty big numbers,) if you check out the percentage of crypto stolen by hackers as a percentage of the total worth of crypto, it is about .1 of one percent.  To get an understanding of how small a number that is, the shrink rate for retailers in the US is expected to be around 1.6% in 2023. This comes out to well over 100 billion, just in the states.  The point is, 2.2 billion is a lot of crypto stolen, but, it is a fraction of losses in other industries.  

Now, before you get upset and say, well if .001 percent of everyone's saving account got stolen every year, there would be an uproar.  Well, maybe, but you lost a lot more than that with an inflation rate that almost hit 10 percent at one point. So, stick your money safely in a saving account if you want and protect yourself from a .001 loss rate.

Also, don't be stupid and lose your crypto to hackers.

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