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The cryptocurrency market has faced significant issues over the past 13 years, with approximately $19 billion worth of cryptocurrency stolen in various attacks. A report by Crystal Intelligence highlights this alarming figure, showing that security issues persist in the Blockchain world.
The Report Details 785 Cryptocurrency Attacks
The report includes 220 hack attacks, 345 decentralized finance (DeFi) attacks, and 220 fraud schemes, totaling 785 cryptocurrency attack cases. According to the report, the most significant attack was recorded in 2019, involving the Plus Token Ponzi scheme with a staggering loss of $2.9 billion. This incident remains the largest cryptocurrency attack to date and marks a significant milestone in the history of Blockchain security breaches.
The report indicates that illegal activities in the Blockchain world have not only continued but have also increased over the years. In 2023 alone, a record number of 286 attacks were recorded, resulting in losses exceeding $2.3 billion. Despite advancements in monitoring and reporting mechanisms, the measures taken were insufficient to curb the rising trend of cryptocurrency attacks.
Ethereum is the Primary Target
Ethereum (ETH) emerged as the primary target for cryptocurrency attacks, with 131 attacks resulting in losses of approximately $1.3 billion over the past two years. Closely following is the BNB Smart Chain (BSC), which was targeted 100 times, leading to losses exceeding $186 million. These figures highlight the security vulnerabilities in popular Blockchain networks and the need for advanced security protocols.
The Crystal Intelligence report, which includes data up to March 2024, indicates that the trend of increasing cryptocurrency attacks shows no signs of slowing down. Notably, after March 2024, the Japanese cryptocurrency exchange DMM Bitcoin fell victim to a significant hack attack, resulting in a loss of $320 million.
Since then, the company has pledged to increase capital to cover the losses of all affected users, reflecting the ongoing struggle to protect cryptocurrencies.
