• Fri. May 24th, 2024

Crypto Hacks: SlowMist’s 11-Year Losses

Avatar photo

ByMarcel Bich

Aug 3, 2023
Crypto Hacks: SlowMist's 11-Year Losses
Marcel Bich
Latest posts by Marcel Bich (see all)

According to SlowMist experts, since 2012, hackers have damaged the crypto industry to the tune of almost $30 billion. They have mostly targeted centralized exchanges, which are responsible for more than 30% of all losses and $10.95 billion in theft.

There were 118 cyberattacks against exchanges between 2012 and 2023, with the most serious assaults taking place that year and costing close to $5 billion in damages. During the same time span, fewer than $1 billion in money were stolen from crypto wallets and blockchains.

Phishing connections and social engineering techniques contributed significantly to a $200 million loss for the NFT sector. Over $2 billion in stolen money was lost as a result of bridge assaults.

Based on the research SlowMist, hackers frequently target exchanges when market cycles are positive.

The Ethereum Crypto Ecosystem Has Been the Most Heavily Impacted by Attacks

Both Ethereum and BNB Chain have seen serious consequences, with Ethereum suffering 217 breaches that resulted in major losses and BNB Chain experiencing 162 faults that resulted in big financial losses.

EOS lost $25.9 million, while Solana and Polygon, although having smaller breaches, incurred significant losses of $202.7 million and $177.9 million, respectively. Eight vulnerabilities in the Avalanche network led to a total loss of $127.7 million.

Data on assaults on Tron, Fantom, Polkadot, and Heco were also included in the study. Less than 50 attacks on these networks as a whole resulted in losses of under $200 million.

The remaining crypto assets, which amount to $10.9 billion, fall into the “Other” category, which includes a variety of dishonest acts including phishing, rug pools, social engineering, and other harmful methods.

 
Avatar photo

Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.