Crypto Hackers Have Stolen $19 Billion+ Since 2011: Reports

Do you believe your crypto is absolutely safe and sound? Think again.

Hackers have been relentlessly targeting cryptocurrencies and other digital assets, stealing millions of dollars since 2011, according to data from Crystal Intelligence.

Yes, you read that right! Crystal Intelligence, a Dublin-based crypto compliance firm, reports that there have been around 785 instances of various crypto hacks and exploits, with a total of $19 billion worth of digital coins stolen over the past 13 years. This substantial loss highlights the persistent risk inherent in the crypto market.

Hacks That Will Go Down in History

Among the numerous security breaches, some have been particularly catastrophic. The Plus Token scam in May 2019 remains the largest single crypto theft, with attackers seizing $2.9 billion in Bitcoin and Ethereum.

Earlier this year, the largest cyber attack on PlayDapp in February 2024 cost $290 million, making it the second-biggest crypto hack in the last two years.

The JPEX Investment Scam

Fraud has also inflicted significant damage on the crypto landscape. The JPEX investment scam in Hong Kong resulted in the theft of $194.3 million worth of crypto, marking it as the largest single crypto fraud scheme in the last two years.

A Record-Breaking Year: 2022’s Horrifying Loss

The report indicates that 2022 was the deadliest year by value, with 199 exploits amounting to over $4.2 billion in stolen digital assets. This figure is significantly higher than the losses recorded in 2023.

Despite advancements in monitoring and reporting mechanisms, illicit activities on the blockchain have continued to grow in 2023 and 2024.

DeFi Under Fire?

DeFi platforms, particularly those in decentralized finance ecosystems, have been severely impacted. In 2023, there were 112 DeFi hacks, with hackers stealing $835 million worth of cryptocurrencies. Security breaches have been even more costly, with 68 individual cases resulting in the theft of over $1 billion in digital assets.

Euler Finance Deserves a Mention!

Among all the targeted DeFi protocols in 2023 and 2024, the largest hack involved Euler Finance, where hackers stole $197 million worth of Ether tokens. The ten largest DeFi hacks during these years amounted to a total of $579 million in digital currency.

A Long, Tough Battle Against Crypto Crime

In the first quarter of 2024 alone, $542.7 million worth of digital assets were stolen, an increase from the previous year, 2023. This trend suggests the potential for even more crypto hacks in the coming year.

Crypto-criminals remain active and threatening. According to the report from Crystal Intelligence, the fight against cybercrime is far from over. As decentralized financial markets continue to grow, the frequency and intensity of attacks also rise, underscoring the urgent need for better security protocols and proactive threat detection in the crypto market.

With DeFi hacks on the rise, how can investors protect their assets? Here’s our guide: A Comprehensive Guide to Keeping Your Crypto Safe