SlowMist has calculated the losses of the crypto industry from hacks for 11 years
Date: 2023-07-10 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, IN WORLD
SlowMist analysts estimate that since 2012, the crypto industry has lost more than $30 billion due to hackers, and more than 30% of this amount - $10.95 billion - was stolen from centralized exchanges.
According to the company, exchanges experienced 118 hacks between 2012 and 2023. The two most significant exploits occurred in 2021, accounting for almost $5 billion of the total losses. For comparison, over the same period of time, hackers were able to steal less than $1 billion from blockchains and cryptocurrency wallets
The non-fungible token (NFT) sector suffered a loss of $200 million, mainly due to phishing links and social engineering techniques. Bridge breaks accounted for just over $2 billion in stolen funds.
SlowMist also noted that hackers usually attacked exchanges during bull market cycles.
The Ethereum ecosystem has suffered the most
According to a report by SlowMist, Ethereum and BNB Chain (Binance Smart Chain) suffered the most from the actions of attackers. The Ethereum ecosystem was subjected to 217 hacks, as a result of which hackers got hold of about $3.1 billion. BNB Chain, in turn, suffered losses of $1.45 billion in the course of 162 exploits
The third place in terms of the frequency of attacks was taken by the EOS ecosystem - but it accounted for only $25.9 million in stolen funds. Solana and Polygon survived far fewer hacks, but lost $202.7 million and $177.9 million, respectively. The Avalanche network was exploited eight times, resulting in a cumulative loss of $127.7 million.
The study also includes data on Tron, Fantom, Polkadot and Heco hacks. Collectively, these networks survived fewer than 50 attacks and lost less than $200 million
Finally, the remaining $10.9 billion of the total amount of stolen funds falls into the "Other" category. It includes phishing, rag pulls, social engineering techniques, and other fraudulent schemes.
