In the last 13 years, the cryptocurrency industry has faced 785 reported hacks and exploits, resulting in the loss of nearly $19 billion worth of digital assets since June 19, 2011, according to a report from Crystal Intelligence shared with Cointelegraph.
The largest single crypto theft case to date remains the 2019 Plus Token fraud, where attackers stole $2.9 billion worth of Bitcoin (BTC) and Ether (ETH).
In the past two years, the PlayDapp security breach in February 2024 accounted for the largest single crypto heist, amounting to $290 million.
During the same period, the JPEX investment scam in Hong Kong became the largest single crypto fraud scheme, resulting in the loss of $194.3 million in stolen crypto.
According to Crystal Intelligence, crypto hacks and scams in 2023/24 totaled a significant amount. These incidents continue to hinder mainstream trust and adoption of cryptocurrencies. The first quarter of 2024 alone witnessed $542.7 million worth of stolen funds, marking a 42% increase compared to the same period in 2023.
While 2023 recorded the highest number of hacks, it was 2022 that suffered the largest loss in value due to crypto-related incidents.
In 2022, 286 exploits led to the theft of over $2.3 billion worth of digital assets. However, despite fewer incidents, the total value stolen in 2022 amounted to $4.2 billion, nearly double that of 2023.
The Crystal Intelligence report notes that despite enhanced monitoring and reporting mechanisms, illicit activity on the blockchain has persisted and even increased in 2023 and 2024.
