Crypto Hacks Have Stolen $19 Billion Since 2011, Reports Crystal Intelligence

The post Crypto Hacks Have Stolen $19 Billion Since 2011, Reports Crystal Intelligence appeared first on Coinpedia Fintech News

Hackers have targeted cryptocurrencies and other digital assets and stolen millions of dollars in resources since 2011, according to data from Crystal Intelligence.

A Dublin-based crypto compliance firm, Crystal Intelligence, found that around 785 instances of various crypto hacks and exploits were reported, and the total value of digital coins stolen amounted to $19 billion in the past 13 years. This great loss further shows that there is always a risk involved in the crypto market.

The Largest Cryptocurrency Theft in History

Although the industry has witnessed copious security violations, some have been exceptionally catastrophic. The Plus Token, a scam that occurred in May 2019, is still the biggest single crypto theft attack, with the attackers gaining $2.9 billion in Bitcoins and Ethereum. 

Further this year, the largest cyber attack on PlayDapp in February 2024 cost $290 million, making it the second-biggest crypto hack in the last two years.

Fraud has also been reported to have caused a great impact on the schemes. The JPEX investment scam in Hong Kong cost $194 worth. 3 million stolen Crypto, it is the largest single crypto fraud scheme across the platform in the last two years.

2022: The Most Horrifying Year

The report also states that 2022 was the year that witnessed the highest value, the deadliest year by value, with 199 exploits amounting to more than $4.2 billion in stolen digital assets. This number is significantly higher than the lost crypto in the previous year, 2023. 

However, in 2023 and 2024, different types of illicit activity on the blockchain were reported to grow despite monitoring and reporting mechanisms improvements.

Surge in DeFi hacks

DeFi platforms have been severely affected, especially those in the decentralised finance ecosystems. In 2023, DeFi hacks were recorded to have occurred 112 times, with the hackers able to steal $835 million worth of cryptocurrencies. Security breaches have been far more costly, with 68 individual cases worth more than $1 billion in digital assets stolen in the same year.

Of all the DeFi protocols targeted in 2023 and 2024, the largest hack goes to Euler Finance, whereby the hackers stole $197 million worth of Ether tokens. The ten largest DeFi hacks in both 2023 and 2024 equated to a total of $579 million in digital currency.

Looking ahead

To be specific, during the first quarter of 2024, $542.7 million worth of digital assets were stolen, which is an increase from the previous year, 2023. This trend may point to even more crypto hacks in the next year, 2024.

Crypto-criminals are indeed active and threatening, and according to the report produced by Crystal Intelligence, the fight against cybercrime is far from over. With the growth of decentralized financial markets, the level and intensity of attacks also increase, making it even more important for the crypto market to implement better security protocols and actively scan for threats.

Also Read : How Hackers Are Exploiting High Profile Accounts: A Look Into a Recent Supply Chain Email Breach