Crystal Intelligence reports that Crypto Hacks have stolen 19 billion since 2011
Since 2011, hackers have been targeting cryptocurrencies and other digital assets, resulting in the theft of millions of dollars in resources, as reported by Crystal Intelligence. The data collected by this Dublin-based crypto compliance firm reveals a total of 785 instances of crypto hacks and exploits, with the stolen digital coins amounting to a staggering $19 billion over the past 13 years. This significant loss underscores the inherent risks associated with the crypto market.
Among the numerous security breaches in the industry, some have been particularly devastating. The infamous Plus Token scam in May 2019 remains the largest single crypto theft attack, with the perpetrators making off with $2.9 billion in Bitcoins and Ethereum. More recently, the PlayDapp cyber attack in February 2024 resulted in a $290 million loss, ranking as the second-largest crypto hack in the past two years.
Fraud schemes have also made a significant impact, with the JPEX investment scam in Hong Kong leading to the theft of $194.3 million in Crypto, marking it as the largest single crypto fraud scheme across platforms in the last two years.
The year 2022 stands out as the most alarming in terms of value, witnessing 199 exploits that resulted in over $4.2 billion in stolen digital assets. This figure surpasses the losses incurred in the previous year, 2023. Despite improvements in monitoring and reporting mechanisms, illicit activities on the blockchain continued to rise in 2023 and 2024.
DeFi platforms, particularly those within decentralized finance ecosystems, have been prime targets for hackers. In 2023 alone, there were 112 reported DeFi hacks, resulting in the theft of $835 million worth of cryptocurrencies. The security breaches have become increasingly costly, with 68 individual cases amounting to over $1 billion in stolen digital assets in the same year.
Euler Finance emerged as the most heavily targeted DeFi protocol in 2023 and 2024, with hackers making away with $197 million worth of Ether tokens. Collectively, the top ten DeFi hacks in both years accounted for a total of $579 million in stolen digital currency.
Looking ahead to 2024, the first quarter saw $542.7 million worth of digital assets being stolen, indicating a rise from the previous year. This trend suggests a potential increase in crypto hacks in the coming year.
The report by Crystal Intelligence highlights the active and persistent threat posed by crypto-criminals, emphasizing the ongoing battle against cybercrime. As decentralized financial markets continue to expand, the frequency and severity of attacks are expected to rise, underscoring the urgent need for enhanced security protocols and proactive threat detection within the crypto market.