From 2012 to present, more than $30 billion worth of crypto has been hacked in 1,101 documented incidents, according to a July 7 report from SlowMist. revealed.
According to the blockchain security firm, the five most common hacks are smart contract vulnerabilities, carpet pulling, flash loan attacks, scams, and private key leaks. The losses represent approximately 2.5% of the current cryptocurrency market capitalization.
Out of the total number of incidents, there were 118 exchange hacks, 217 Ethereum ecosystem hacks, 162 BNB Smart Chain ecosystem hacks, 119 EOS ecosystem hacks, and 85 hacks related to non-fungible tokens or NFT. Foreign exchange losses have been the largest, amounting to more than $10 billion lost over the past decade.
Hacking events with over $1 billion lost peaked in the early 2010s and from 2019 to 2021. Security incidents have been muted somewhat from 2022, which is consistent with other reports.
According to our SlowMist Hacked records, as of July 7, 2023, the total losses of #blockchain related incidents have climbed to 30 billion dollars!
In light of these staggering numbers, it is abundantly clear that projects and users must place a much higher place… pic.twitter.com/9LC07PD4Xe
—SlowMist (@SlowMist_Team) July 7, 2023
In the early days of bitcoin (BTC), notable attacks included the 2014 Mt. Gox hack and the 2016 Bitfinex hack. Mt. 000 BTC from its customers ($25.2 billion at press time) had been stolen via low-key hacks and siphoned off over several years. The exchange has since recovered 200,000 BTC ($6.1 billion) and is redistributing them to creditors.
Similarly, in 2016, Bitfinex suffered a security breach resulting in the loss of 119,576 BTC worth around $70 million then and $3.7 billion now. On February 8, 2022, 94,000 stolen BTC were recovered by special agents working for the United States Department of Justice.
Magazine: Thailand’s $1 Billion Crypto Sacrifice, Mt. Gox Final Deadline, Tencent NFT App Canceled
