Crystal Intelligence, a crypto compliance firm based in Dublin, has uncovered approximately 785 instances of crypto hacks and exploits, resulting in the theft of digital assets valued at $19 billion over the past 13 years. This significant figure underscores the persistent risk within the crypto market.
The Most Noteworthy Incidents
Despite numerous security breaches, certain events stand out for their magnitude. The Plus Token scam, occurring in May 2019, remains the largest single crypto theft, with attackers absconding with $2.9 billion in Bitcoins and Ethereum.
This year, the PlayDapp cyber attack in February 2024 incurred losses of $290 million, ranking as the second-largest crypto hack in recent years.
Additionally, fraud schemes have left a substantial impact. The JPEX investment scam in Hong Kong accounted for $194 million in stolen Crypto, marking it as the largest single crypto fraud incident across platforms in the past two years.
The Alarming Year of 2022
Crystal Intelligence’s report highlights 2022 as the most financially devastating year, witnessing 199 exploits resulting in over $4.2 billion in stolen digital assets. This figure dwarfs losses from the previous year, 2023.
Despite improvements in monitoring and reporting mechanisms, illicit activities on the blockchain surged in 2023 and 2024.
Rise of DeFi Hacks
Decentralized finance (DeFi) platforms bore a significant brunt, experiencing 112 hacks in 2023, resulting in the theft of $835 million worth of cryptocurrencies. Notably, security breaches became costlier, with 68 cases exceeding $1 billion in digital asset losses in the same year.
Among the targeted DeFi protocols, Euler Finance suffered the largest hack, with $197 million worth of Ether tokens stolen. The top ten DeFi hacks in 2023 and 2024 combined led to $579 million in digital currency losses.
Looking Ahead
In the first quarter of 2024 alone, $542.7 million worth of digital assets were stolen, indicating a rise from the previous year, 2023. This trend suggests a potential increase in crypto hacks in 2024.
The report underscores the ongoing threat posed by crypto-criminals and emphasizes the necessity for enhanced security protocols and proactive threat detection within the crypto market, especially with the expanding landscape of decentralized financial markets.
