Cryptocurrency Sector Remains a Prime Target for Hackers! These are the Most Targeted Platforms in the Past 13 Years!
According to a report by Crystal Intelligence, the cryptocurrency industry has experienced 785 cases of theft in the last 13 years, resulting in losses of around $19 billion.
Despite advancements in security measures, blockchain-related crimes continue to rise, as highlighted in the report. The incidents are categorized into three main types: Security Violations (220 incidents), DeFi Hacks (345 incidents), and Fraud Schemes (220 incidents).
The largest theft on record was the 2019 Plus Token Ponzi scheme, which led to losses of $2.9 billion. The trend of increasing crypto crimes persisted, with 2023 marking a record year of 286 thefts totaling over $2.3 billion.
The report acknowledges the challenges faced by the industry in combating sophisticated cybercriminals, as illegal activities on the blockchain continue to rise despite improved monitoring and reporting mechanisms.
Ethereum has become a primary target for crypto criminals in the past two years, with 131 incidents resulting in losses of approximately $1.3 billion. Binance Smart Chain (BSC) was attacked 100 times, resulting in a loss of over $186 million.
Recent events included a hack on Japanese crypto exchange DMM Bitcoin for $320 million. In response, DMM Bitcoin announced plans to raise capital to fully reimburse affected users.
The increasing trend of crypto-related crimes emphasizes the critical need for robust security protocols and regulatory frameworks. Despite advancements, the decentralized nature of the blockchain industry poses ongoing challenges in safeguarding digital assets.
As the cryptocurrency landscape evolves, industry stakeholders must remain vigilant and proactive in developing innovative solutions to protect against theft and fraud, ensuring the security and integrity of the digital financial ecosystem.
*Please note that this is not investment advice.
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