Hacks have stolen over $19 billion in digital assets since 2011. DeFi platforms are common targets for these kinds of attacks. A record $835 million was stolen from DeFi hacks in 2023 alone, including one incident where $197 million was taken in a single attack.
By the end of Q1 2024, the amount of stolen assets had surpassed what had been taken during the previous year, showing how persistent this threat remains.
Crystal Intelligence Reveals Years of Crypto Crimes
- A report from Crystal Intelligence indicates that hackers have been continuously targeting digital assets, particularly cryptocurrencies and stealing large sums of money from them since 2011.
- In total, there are 785 cases in which different types of cryptocurrencies have been stolen due to hacking or other types of cyber-attacks according to Dublins-based crypto compliance firm Crystal Intelligence.
- It has emerged that these hacks and hacker attacks have robbed $19 billion over 13 years.
- The report shows that 199 different exploits totalling more than $4.2 Billion in stolen digital assets made 2022 the most lethal year by worth.
As large as this is, it is less than the same figure for 2023. For all the advances in tracking technology today’s criminals seem to be running riot within blockchains during 2023 and 2024.
Attacks on Decentralized Finance Platforms
Decentralized finance ecosystems, specifically DeFi platforms, have taken a big hit. For example, in 2023 there were 112 hackings on DeFi sites which resulted in theft totaling 835 million USD worth of coins by criminals.
Regarding monetary value loss security breaches always stand out because they account for more than half of all incidents happening around us – a total figure surpassing $1 billion when considering 68 separate cases.
Cryptocurrency Thefts- A Common Scenario?
Alone, digital asset thefts accounted for $542.7 million in the first quarter of 2024, an increase from the previous year. This is because this trend indicates a possible increase in crypto hacking over the next year.
There are active and threatening crypto-criminals. According to the information that was on the Crystal Intelligence report, the war on cybercrime continues. The time when decentralized financial markets are growing, attack rates go up highlighting more about the crypto market’s necessary improvement of security protocols and foresightedness in threat detection since they are necessary.
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