Crypto Hacks Net $19B Since 2011 and Illegal Activity on Blockchain Is Still Growing
Cryptocurrency thefts have amounted to nearly $19 billion since 2011, with the industry facing increasing blockchain-related crime, as per a report by Crystal Intelligence. The report recorded 785 crypto theft incidents, including 220 security breaches, 345 decentralized finance (DeFi) hacks, and 220 fraud schemes. The largest theft was in 2019, linked to the Plus Token Ponzi scheme, where $2.9 billion was stolen. Despite enhanced monitoring and reporting mechanisms, illegal blockchain activity has grown, with 2023 setting records for crypto theft volume at 286 incidents worth over $2.3 billion. Over the past two years, Ethereum has been the top target with 131 incidents worth nearly $1.3 billion, followed by Binance Smart Chain with 100 incidents worth over $186 million. The report includes all hacks up to March 2024. After this period, Japanese crypto exchange DMM Bitcoin was hacked for $320 million.
