Crypto News: Hackers Target Cryptocurrency Sector, Most Vulnerable Platforms Revealed
According to a recent report by Crystal Intelligence, the cryptocurrency industry has fallen victim to 785 cases of theft in the past 13 years, resulting in losses totaling around $19 billion.
Despite advancements in security measures, blockchain-related crimes continue to rise, with the report categorizing incidents into three main types: Security Violations (220 incidents), DeFi Hacks (345 incidents), and Fraud Schemes (220 incidents).
One of the largest thefts 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 for thefts, totaling over $2.3 billion.
The report also highlights the persistence of illegal activities on the blockchain, despite efforts to improve monitoring and reporting mechanisms. This underscores the ongoing challenge the industry faces in combating sophisticated cybercriminals.
Ethereum has been a prime target for crypto criminals in recent years, with 131 incidents resulting in losses of approximately $1.3 billion. Meanwhile, Binance Smart Chain (BSC) has been attacked 100 times, leading to losses of over $186 million.
The report, which includes data up to March 2024, mentions a recent hack on the Japanese crypto exchange DMM Bitcoin, resulting in a loss of $320 million. In response, DMM Bitcoin plans to raise capital to fully reimburse affected users.
The increasing prevalence of crypto-related crimes emphasizes the crucial need for robust security protocols and regulatory frameworks. As the industry evolves, stakeholders must remain vigilant and proactive in developing innovative solutions to safeguard against theft and fraud, ensuring the security and integrity of the digital financial ecosystem.
*Please note that this is not investment advice. For those interested in investing in over 300 cryptocurrencies, consider registering with Binance exchange with a 20% COMMISSION DISCOUNT.
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