Cryptocurrency hacks and fraud incidents for a total value of $2.99 billion so far in 2021
According to an analysis by Crypto Head, there have been 32 hacks and fraud incidents for a total value of $2.99 billion so far in 2021.
A study released on Tuesday showed that breaches and frauds in the cryptocurrency market are heading towards their highest numbers this year, with the market growing to a valuation of over $2 trillion.According to an analysis by Crypto Head, there have been 32 hacks and fraud incidents for a total value of $2.99 billion so far in 2021. This figure represents an increase of 40.7% from 2019 to break the 38 cases in 2020. , which tracks information and writes guides about the cryptocurrency market.
The average value of this year's infringement and fraud cases is $93.3 million. On an average, the number of crimes increases by 41% every year, it said. With 126 in the past ten years, wallets and exchanges breaches are the most common type of attack, overtaken by attacks and fraud involving DeFi, or decentralized finance, at 41. each. “While the number of DeFi breaches is increasing, with this new technology one is more open to potential vulnerabilities,” wrote James Page, a crypto technical writer at Crypto Head.
Over the past 10 years, $19.2 billion has been stolen through breaches and fraud. Bitcoin is the most targeted cryptocurrency, accounting for 33.3% of hacking and fraud cases. The world's most traded digital coin, bitcoin's valuation had soared close to $1 trillion on Tuesday following a sell-off. According to CoinMarketCap.com, bitcoin accounts for about 43% of the cryptocurrency market, with its valuation rising to $2.1 trillion this year.
But it is fraud cases that are most lucrative to criminals, as they averaged $365 million, or 14 times more than the breaches, the crypto head said.The United States is the most targeted country, with 17 hacks and fraud cases, followed by the UK and South Korea at 12 and 9 incidents respectively.A record number of crimes may occur in 2021, but hackers made the most money in 2017, averaging $223.5 million and stealing $4.7 billion in total.
The crypto head said the biggest breach to date is Mount Gox, which stole $615 million over the years, leading to the platform's bankruptcy in 2014. The crypto head said that most of the data it analyzed came from Crystal, a digital asset analytics platform and that it left examples of crypto seized by governments or law enforcement officials.