As a researcher with a background in blockchain and cybersecurity, I find the recent trends in crypto crime both intriguing and concerning. The data from Crystal Intelligence indicates that 2022 was the costliest year on record for crypto thefts, with nearly $42 billion worth of assets stolen across 199 incidents. This is a stark reminder of the risks associated with the rapidly evolving crypto industry.
As a crystal ball gazing into the world of cryptocurrencies, I’ve unearthed some intriguing data. While last year, 2023, saw a record-breaking number of crypto thefts with a grand total of 257 incidents, it pales in comparison to the financial havoc wreaked in 2022. That year, with its 199 recorded instances, claimed the title as the costliest one yet. The damage? A staggering $42 billion.
According to Crystal Intelligence’s data, shared with crypto.news, crypto scams and hacking incidents cost the industry a staggering $18.9 billion in assets. The United States experienced the most such occurrences.
“One fascinating observation Crystal has made about the evolution of crypto crime over the past few years is how quickly new types of criminal activities emerge, only to be met with new law enforcement technologies and strategies. This cycle repeats itself constantly.”
Crystal Intelligence
As an analyst, I have reviewed the findings from the report and can share that approximately 200 instances of theft occurred globally, totaling over $9.7 billion in losses. The United States was hit particularly hard, with nearly $984 million stolen in cryptocurrencies. Hong Kong followed closely behind with about 15 incidents resulting in just under $1.2 billion worth of stolen funds.
As a researcher studying cryptocurrency security over the past decade, I’ve identified approximately 785 documented instances of crypto theft between 2011 and now. These incidents consisted of three main categories: 1) around 220 security breaches at exchanges or wallets, 2) about 345 hacks of decentralized protocols, and 3) roughly 220 fraud scams. The total reported losses amounted to a staggering $19 billion. However, it’s essential to keep in mind that this data is based on reported incidents only. The actual scale of unreported thefts could be significantly larger.
In the middle of May, Chainalysis, a leading blockchain forensics firm, disclosed an intriguing discovery from 2023. Approximately 75% of cryptocurrency funds pilfered via drainers were routed towards decentralized finance (DeFi) platforms. This figure stands in stark contrast to the situation in 2020, where over 90% of stolen funds found their way into centralized exchanges. However, Chainalysis cautioned that the true extent of phishing activities remains elusive, as many such incidents go unreported, making it challenging to ascertain the total sums taken by drainers.
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2024-06-12 15:52