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Crypto Industry Loses Over $30 Billion to Hacks, Centralized Exchanges Bear the Brunt

Taylor Aven by Taylor Aven
July 14, 2023
in News
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According to a recent report by SlowMist since 2012 hacking attacks have caused the cryptocurrency sector to suffer significant losses totaling more than $30 billion. The largest losses which is a whopping $10.95 billion or more than 30% of the overall losses were suffered by centralized exchanges.

 

Hacks and Exploits

The report shows that between 2012 and 2023 118 attacks specifically targeted exchanges. The most severe breaches were in 2021 which contributed to overall losses of roughly $ 5 billion. In comparison throughout the same time period hackers were only able to steal less than $ 1 billion from blockchains and cryptocurrency wallets.

 

blockdag 70m

NFTs, Bridge Breaches, and Bull Markets

About $ 200 million in losses were experienced by the non-fungible token (NFT) market mostly as a result of phishing links and social engineering techniques . On the other hand a little bit more than $ 2 billion in money were taken as a result of bridge breaches. It is noteworthy that during bull market cycles hackers regularly targeted exchanges and took advantage of heightened market activity and possible weaknesses.

Crypto-Industry-Loses-Over-$30-Billion-to-Hacks-Centralized-Exchanges-Bear-the-Brunt-

Ethereum and BNB Chain Most Impacted

According to SlowMist’s report the Ethereum and BNB Chain ecosystems have been the primary targets of attackers. Ethereum experienced a staggering 217 hacks which resulted in losses of around $ 3.1 billion. Meanwhile BNB Chain suffered losses totaling $ 1.45 billion through 162 exploits . The EOS ecosystem experienced fewer attacks but still suffered losses of $ 25.9 million. Solana and Polygon faced relatively fewer hacks but lost $202.7 million and $ 177.9 million. The Avalanche network experienced eight exploitations, resulting in a cumulative loss of $ 127.7 million.

 

Additional Networks and “Other” Scenarios

The report also contains information on attacks that targeted the Heco, Fantom, Tron and Polkadot networks. Less than 50 assaults totaled across these networks and resulted in losses of under $200 million. The remaining $10.9 billion in stolen money is classified as “Other” which includes social engineering, phishing, rug pulling and other frauds .

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Taylor Aven

Taylor Aven

Hello there, my name is Taylor and I'm a fintech senior living in France. I'm passionate about all things related to finance and technology, especially the exciting world of crypto.As a writer covering the fintech industry, I'm dedicated to keeping my readers informed about the latest developments and trends. I believe that crypto and blockchain technology have the potential to revolutionize the way we conduct transactions and interact with financial systems, and I'm committed to bringing this information to my readers in a clear and accessible way.When I'm not writing about finance and tech, I enjoy a variety of hobbies and interests. I'm a big fan of traveling and love to explore new places and cultures.My website; https://tayloraventech.blogspot.com/

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