A large $19 billion value of digital property has been stolen by way of 785 reported crypto hacks and exploits over the previous 13 years, in line with an eye-opening report by EU-based crypto compliance agency Crystal Intelligence.
The Greatest Crypto Heists of All Time
Whereas the crypto trade has witnessed quite a few safety breaches, some stand out as notably devastating. For example, the 2019 Plus Token fraud stays the biggest single crypto theft case thus far, with attackers netting $2.9 billion value of Bitcoin and Ether. Extra lately, in February 2024, the $290 million safety breach on PlayDapp marked the biggest single crypto heist of the previous two years.
Crypto hacks and exploits aren’t the one concern – fraud schemes have additionally taken a major toll. The JPEX funding rip-off in Hong Kong stands as the biggest single crypto fraud scheme throughout the previous two years. This resulted in a lack of $194.3 million in stolen crypto
As the primary quarter of 2024 drew to a detailed, $542.7 million value of digital property had already been stolen. This represents a 42% enhance in comparison with the identical interval in 2023. This statistic means that crypto hacks in 2024 might probably surpass the earlier 12 months’s figures.
You Would possibly Additionally Like: BNB Chain Faces $80K Bitcoin Exploit — White Hat Hacker or Malicious Assault?
2022 Was The ‘Deadliest Year’
Whereas 2023 witnessed the best variety of crypto-related hacks, 2022 stays etched in historical past because the “deadliest year by value.” A complete of 199 exploits resulted in over $4.2 billion value of stolen digital property, practically double the quantity misplaced in 2023.
Regardless of enhanced monitoring and reporting mechanisms, criminal activity on the blockchain has continued to develop in 2023 and 2024, in line with the Crystal Intelligence report.
The Battle In opposition to DeFi Hacks
Nearly 112 decentralized finance (DeFi) hacks have been reported in 2023 alone, ensuing within the lack of $835 million value of cryptocurrency. Nevertheless, safety breaches have confirmed much more pricey. 68 separate incidents led to over $1 billion in stolen digital property throughout the identical 12 months. Because of this the quantity misplaced in DeFi hacks is lower than the safety breaches, however they happen extra typically.
The Euler Finance hack stands out as the biggest single DeFi hack throughout 2023 and 2024. This devastating safety breach stole $197 million value of Ether tokens.
The Euler Finance hack is only one instance of the rising menace of cybercrime focusing on DeFi platforms. In truth, the highest 10 DeFi hacks that occurred in 2023 and 2024 collectively accounted for $579 million in stolen digital property.