Is Your Crypto Really Safe? Think Again.

Hackers have been targeting cryptocurrencies and digital assets relentlessly, stealing millions since 2011, according to data from Crystal Intelligence.

Yes, you read that right! Crystal Intelligence, a Dublin-based crypto compliance firm, reports around 785 instances of various crypto hacks and exploits, resulting in $19 billion worth of digital coins being stolen over the past 13 years. This significant loss highlights the persistent risks in the crypto market.

Notorious Hacks in Crypto History

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Among the numerous security breaches, some stand out for their magnitude. The Plus Token scam in May 2019 remains the largest single crypto theft, with attackers seizing $2.9 billion in Bitcoin and Ethereum.

Earlier 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.

The JPEX Investment Scam

Fraud has also caused significant damage in the crypto space. The JPEX investment scam in Hong Kong resulted in the theft of $194.3 million worth of crypto, marking it as the largest single crypto fraud scheme in the last two years.

2022: A Record-Breaking Year for Crypto Losses

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The report indicates that 2022 was the worst year by value, with 199 exploits resulting in over $4.2 billion in stolen digital assets, a figure significantly higher than the losses recorded in 2023.

Despite advancements in monitoring and reporting mechanisms, illicit activities on the blockchain have continued to grow in 2023 and 2024.

DeFi Under Siege

DeFi platforms, particularly those in decentralized finance ecosystems, have been severely impacted. In 2023, there were 112 DeFi hacks, with hackers stealing $835 million worth of cryptocurrencies. Security breaches have been even more costly, with 68 individual cases resulting in the theft of over $1 billion in digital assets.

Euler Finance Deserves a Mention

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Among the targeted DeFi protocols in 2023 and 2024, the largest hack involved Euler Finance, where hackers stole $197 million worth of Ether tokens. The ten largest DeFi hacks during these years amounted to a total of $579 million in digital currency.

An Ongoing Battle Against Crypto Crime

In the first quarter of 2024 alone, $542.7 million worth of digital assets were stolen, an increase from the previous year. This trend suggests the potential for even more crypto hacks in the coming year.

Crypto-criminals remain active and threatening. According to the report from Crystal Intelligence, the fight against cybercrime is far from over. As decentralized financial markets continue to grow, the frequency and intensity of attacks also rise, underscoring the urgent need for better security protocols and proactive threat detection in the crypto market.

Source: coinpedia.com

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