According to a survey by Crystal Intelligence, since 2011, around $19 billion worth of cryptocurrencies has been lost in thefts, and the sector is still struggling with an increase in blockchain-related criminality. 785 instances of cryptocurrency theft are recorded in the paper, including 220 security lapses, 345 cyberattacks involving decentralised finance (DeFi), and 220 fraud operations. In 2019, the biggest heist happened in relation to the Plus Token Ponzi scheme, when $2.9 billion was taken.
Since then, there has been an increase in cryptocurrency-related crime, with 286 instances in 2023 setting records for the amount of thefts, with a total value of over $2.3 billion.
“Even with improved and enhanced monitoring and reporting mechanisms, illegal activity on the blockchain has continued to grow,” according to the research. Ethereum has emerged as the top target over the last two years, with 131 events totaling about $1.3 billion. Binance Smart Chain (BSC), which has been struck 100 times for more than $186 million, comes next. The report includes all attacks that occur up until March 2024.
Since then, the $320 million hack of the Japanese cryptocurrency exchange DMM Bitcoin has occurred. The business has stated that it will raise the necessary funds to reimburse all impacted users.