Cryptocurrencies
have evolved from a fringe concept to a mainstream investment vehicle,
attracting not just individual investors but also the attention of
cybercriminals. A recent report by The Money Mongers sheds light on the
staggering amount of money lost to crypto hacks over the past decade,
highlighting the risks that come with the rewards of investing in digital
assets. In 2023 alone, criminals are making $289,000 every hour.
Since the
inception of cryptocurrencies , they have been lauded as a revolutionary
financial tool. However, this digital frontier has also become a playground for
hackers. According to the “Global
Crypto Heist Report,” $1.89 billion was lost in 297 crypto hack attacks in
2023 alone. This translates to a loss of $289,000 every hour for the current
year.
In 2022,
the crypto world witnessed an unprecedented level of hacking activity. A record
$3.5 billion was stolen in 284 separate incidents. This alarming trend has been
on the rise since 2011, with a total of $12.36 billion lost in 1,207 incidents.
The report also revealed that 192 crypto exchanges have been hacked since 2011,
resulting in a total loss of $3.8 billion.
The year
2018 was particularly devastating for crypto exchanges, which lost a collective
$1.1 billion to hacking and theft incidents. Decentralized finance (DeFi)
platforms have not been spared either, with 93 and 76 hacks in 2022 and 2023
respectively,…
