Crystal Intelligence reports that in the past 13 years, there have been a total of 785 theft cases in the cryptocurrency industry, resulting in approximately $1.9 billion in total losses. It recognizes the existing problems of blockchain crimes, and despite strict security measures being taken, these crimes not only continue to exist but are inherently aggressive.
The incidents are mainly categorized into three types:
Security vulnerabilities: 220 cases
DeFi hackers: 345 cases
Ponzi schemes: 220 cases
The largest recorded case was the PlusToken Ponzi scheme in 2019, resulting in a loss of $290 million. Cryptocurrency crimes continue to increase, making 2023 the year with the highest number of thefts in history – 286 cases, with total losses exceeding $230 million.
“Technical improvements and better monitoring and reporting procedures are still insufficient to prevent the growth of illegal blockchain activities,” the report stated, also noting the increasing number of cybercriminals.
Ethereum
As of 2020, it may be the most popular cryptocurrency among hackers. There were 131 cases with total losses of approximately $130 million. Binance Smart Chain (BSC) has suffered a total of 100 attacks, resulting in over $18.6 billion in losses.
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BRICS countries: Bitcoin may fundamentally change global finance – International Monetary Fund
While that report only includes data up to January 2024, the Japanese cryptocurrency exchange DMM Bitcoin was recently hacked, resulting in a theft of over $3 billion. In response to this incident, DMM Bitcoin announced plans to raise the necessary funds to compensate all affected users.
The occurrence of so many illegal financial activities related to cryptocurrency clearly indicates the need for swift security regulatory measures. Despite the latest scientific developments, the ever-changing nature of blockchain components and their decentralized nature present ongoing obstacles in protecting digital assets.
However, the cryptocurrency landscape continues to evolve, requiring entrepreneurs to understand the most critical issues related to the industry and find appropriate remedies. They must also meet the demands of the market.
