The cryptocurrency industry suffered 785 reported hacks and exploits during the past 13 years.
Nearly $19 billion worth of digital assets were stolen in the 13 years since June 19, 2011, when the first known crypto hack was reported, according to a Crystal Intelligence report shared with Cointelegraph.
The largest single crypto theft case remains the 2019 Plus Token fraud when attackers netted $2.9 billion worth of Bitcoin (BTC) and Ether (ETH).
During the past two years, the $290 million security breach on PlayDapp represented the largest single crypto heist, back in February 2024.
During the same period, the JPEX investment scam in Hong Kong made for the largest single crypto fraud scheme, resulting in $194.3 million of stolen crypto.
Crypto hacks and exploits remain one of the biggest hurdles impeding mainstream trust and adoption. Crypto hacks in 2024 could potentially top 2023, as the first quarter of 2024 saw $542.7 million worth of stolen funds, a 42% increase compared to the same period in 2023.
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The most hacks were in 2023, but 2022 saw the biggest loss in value
While the highest number of crypto-related hacks was reported in 2023, the year 2022 is still known as the “deadliest year by value,” according to Crystal Intelligence.
A total of 286 exploits resulted in over $2.3 billion worth of assets being stolen digital in 2022.
However, 2022 resulted in $4.2 billion worth of stolen digital assets, nearly double the amount in 2023. Yet, the number of incidents stood at 199, which is 30% less than the 286 hacks reported in 2023.
“Even with improved and enhanced monitoring and reporting mechanisms, illegal activity on the blockchain has continued to grow in 2023 and 2024,” according to the Crystal Intelligence report.
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2023: More funds lost to security breaches than DeFi hacks
In 2023, there were 68 separate security breaches, resulting in attackers stealing over $1 billion worth of digital assets.
In contrast, decentralized finance (DeFi) hacks only resulted in $835 million of stolen cryptocurrency in 2023. However, over 112 DeFi hacks were reported, suggesting that they are smaller in size compared to security breaches but occur more often.
During the past two years, the Euler Finance hack represented the largest single DeFi hack, resulting in $197 million worth of stolen Ether tokens.
The 10 largest DeFi hacks in 2023 and 2024 accounted for nearly $579 million in stolen assets.
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