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13/06/24
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Crypto Assets Worth $19 Billion Lost to Crypto Exploits and Hacks Since 2011
It has been revealed that 785 exploits and hacks were experienced within the crypto industry over the past thirteen years. The incidents led to the loss of crypto assets valued at about $19bn since June 19, 2011, per a report by Crystal Intelligence.
Five years ago, a cryptocurrency theft case involving the loss of BTC and ETH valued at $2.9bn was said to be biggest theft within the cryptocurrency space. Last year, there were 286 incidents of crypto thefts leading to the loss of $2.3 billion. PlayDapp’s security breach which involved $290 million was said to be biggest heist over the past 2 years.
The biggest fraud scheme within the cryptocurrency space is the JPEX investment scam in Hong Kong involving the loss of crypto assets valued at $194.3 million. Crypto adoption is being hindered by a number of factors, including exploits and hacks.
“Even with improved and enhanced monitoring and reporting mechanisms, illegal activity on the blockchain has continued to grow in 2023 and 2024,” reads the report. The highest number of hack incidents related to crypto was recorded last year, but 2022 remains the “deadliest year by value”.
Digital assets valued at $4.2bn were stolen across 199 incidents two years ago, representing almost 200% of the amount lost last year. Incidents related to security breaches totaled 68 last year, leading to the loss of digital assets valued at more than $1bn.
Within the DeFi space, 112 hack incidents led to the loss of $835 million last year. The Euler Finance hack is the biggest hack incidents within the DeFi space over the past two years, leading to the loss of ETH tokens worth $197 million.
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