From 2012 to the present, more than $30 billion in cryptocurrency has been hacked in 1,101 documented incidents, a July 7 report from SlowMist. open.
According to a blockchain security firm, the top five most common breaches are smart contract vulnerabilities, rug withdrawals, flash loan attacks, scams and private key leaks. The losses represent approximately 2.5% of the current cryptocurrency market cap.
Of the total incidents, there were 118 exchange hacks, 217 Ethereum ecosystem hacks, 162 BNB Smart Chain ecosystem hacks, 119 EOS ecosystem hacks, and 85 hacks related to non-perishable tokens, or NFTs. The losses in exchange rates were the most severe, amounting to more than $10 billion in the past decade.
Hacking incidents of more than $1 billion dollars in loss peaked in early 2010 and from 2019 to 2021. Security incidents were somewhat muted from 2022 onwards, which is consistent with other reports.
According to our SlowMist Hacked Archives, as of July 7, 2023, the total losses from # Blockchain Related accidents have risen to 30 billion!
In light of these staggering numbers, it is quite clear that projects and users alike need to put… pic.twitter.com/9LC07PD4Xe
– SlowMist (SlowMist_Team) July 7, 2023
In the early days of Bitcoin (BTC), high-profile attacks included the Mt. Gox of 2014 and the Bitfinex hack of 2016. Mt.Gox was the largest Bitcoin exchange in the world at the time it filed for bankruptcy in 2014 after discovering that 850,000 of its customers BTC ($25.2 billion at press time) had been stolen via hacks and thefts over several years. The exchange has since recovered 200,000 bitcoins ($6.1 billion) and is redistributing them to creditors.
Similarly, in 2016, Bitfinex suffered a security breach that resulted in the loss of 119,576 BTC worth about $70 million at the time and $3.7 billion now. On February 8, 2022, 94,000 BTC stolen by special agents working for the US Department of Justice were recovered.
The Journal: Thailand’s $1 Billion Cryptocurrency Sacrifice, Mountain Gox Deadline, Tencent NFT Deprecated
