๐จ$19 BILLION LOST IN CRYPTO CRIMES OVER 13 YEARS ๐ธ๐จ
A comprehensive report by blockchain analytics firm Crystal Intelligence has revealed staggering losses of $19 billion due to cryptocurrency crimes over the past 13 years.
๐ $19 Billion in Crypto Crimes:
Crystal Intelligenceโs report breaks down the $19 billion in losses as follows:
Security System Breaches: $6 billion
Decentralized Finance (DeFi) Hacks: Nearly $5 billion
Fraudulent Schemes: Close to $8 billion
Crystal Intelligence, based in Amsterdam and founded by Bitfury, provides critical insights into the nature and scale of these crimes.
๐ Notable Incidents:
Plus Token Scam (2019): The largest single theft, where $2.9 billion worth of Bitcoin (BTC) and Ethereum (ETH) were stolen.
2023 Theft Figures: Reached an all-time high with 286 reported incidents totaling over $2.3 billion.
2024 Thefts:
Playdapp Security Breach (South Korea): Criminals stole $290 million worth of Ether.
Eulor Finance Hack (U.K.): Hackers made off with $197 million in Ether.
U.S. Targeted: The United States experienced 20 incidents, with losses totaling $287 million.
๐ก Key Findings:
Crystalโs research underscores the persistent vulnerability of the crypto industry to complex cybercrimes. Despite advances in security and tracking, the industry saw record high thefts in 2023. The report emphasizes the need for enhanced security measures by both crypto protocol creators and users.
๐ Implications for the Crypto Industry:
As thefts grow in sophistication and frequency, the crypto industry must prioritize developing robust security solutions for both centralized and decentralized platforms. Crystalโs report signals a critical need for ongoing improvements in security protocols to protect against evolving cyber threats (watch out for potential investments!!!)
๐ Drop your thoughts below and stay safe with @Professor Mende - Founder of BONUZ Project - in Dubai UAE
