July 8, 2023

More Than $30 Bln Stolen in Crypto Since 2012, Report Says

Cryptocurrencies

Cryptocurrencies

A recent report showed that more than $30 billion in crypto had been stolen from the ecosystem since 2012, according to Cointelegraph

The report was issued by blockchain security company SlowMist, which reported that the $30 billion had been stolen in 1,101 documented incidents, naming the top five most common hacks; smart contract vulnerabilities, rug pulls, flash loan attacks, scams, and private key leaks.

According to SlowMist, the stolen amount only represents around 2.5% of the current market capitalization of cryptocurrencies. It reported that the crypto exchanges have lost more than $10 billion lost over the past decade. 

Out of the total incidents, there were 217 Ethereum ecosystem hacks, 118 exchange hacks, 162 BNB Smart Chain ecosystem hacks, 119 EOS ecosystem hacks, and 85 hacks related to nonfungible tokens, or NFTs. 

SlowMist asserted that the projects and users alike need to place a much higher emphasis on security within the realm of blockchain technology.

It is worth mentioning that Beosin, a blockchain security firm, said in a recent report that the total amount of cryptocurrency lost due to hacks, scams, and rug pulls amounted to $656 million in the first half of 2023.

According to Cointelegraph, the $656 million includes $471.43 million lost in 108 protocol attacks, an additional $108 million in various phishing scams and $75.87 million over 110 rug pulls.

Beosin pointed out that the first six months of 2023 witnessed a decline in the amount of crypto stolen due to hacks compared to the same period in 2022 and the last six months of 2022 also.

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