Guest Post: Over $12 Billion In Crypto Stolen In The Past Decade Says Atlas VPN
Many crypto services have failed to build efficient security systems that would stop cybercriminals from exploiting flaws for personal gain at the expense of their victims.
According to the data presented by the Atlas VPN team, more than $12 billion of crypto assets were stolen in the past 11 years. In addition, 40% of the funds were stolen from fraudulent exchanges, while Decentralized Finance (DeFi)-related hacks continue to surge.
The first official security breach of a cryptocurrency exchange happened in 2011, while hackers stole $1 million in total throughout the year. Since then, the sum has continued to grow, reaching nearly $3.2 billion in 2021.
Crypto fraud exploded in 2019 when total losses accumulated to $3.8 billion, a 598% increase since 2018. As of now, fraudsters have stolen over $7.1 billion worth of crypto assets in the last 11 years.
DeFi hacks are the latest trend for cryptocurrency cybercriminals. It started in 2020, and hackers stole $149 million of crypto assets from DeFi exchanges. However, losses in DeFi breaches quickly grew in 2021, adding up to $1.7 billion in total.
Cybersecurity writer at Atlas VPN Vilius Kardelis shares his thoughts on crypto-related hacks and scams:
“With the popularity of cryptocurrencies growing, it’s reasonable to say that crypto-related hacks and scams are not disappearing anytime soon. Many people are ignorant of the risks of investing in cryptocurrency because blockchain technology is still relatively new. Before putting money into a platform, make sure to research its technical and security capabilities.”
Fraudulent exchanges caused most losses
While there are plenty of trustworthy cryptocurrency exchanges, there are just as many fraudulent ones, which try to prey on people’s lack of knowledge of how to distinguish a legit crypto platform.
Fraudulent exchanges have stolen 40% of all lost crypto assets throughout 11 years. Fraudulent platforms are those involved in exit scams, illegal behavior, or whose funds were seized by the government.
Exchanges with very high money laundering risks were responsible for 24% of stolen crypto assets. Such exchanges allow the withdrawal of more than $2000 in crypto daily without KYC/AML (Know Your Customer/Anti-Money Laundering).
P2P exchanges with high money laundering risks have stolen 5% of total funds. Mixing services were responsible for 4% of stolen crypto assets
To read the full article, head over to: https://atlasvpn.com/blog/over-12-billion-in-crypto-stolen-in-the-past-decade
December 30, 2021 at 10:19 am
I tell all my friends the importance of app based 2FA and unique strong passwords for all the accounts. They call me paranoid. But you’re safe until you’re not. And when you need it the most, you probably lost it all. I even use hardware keys nowadays to be extra secure. Cyber threat is real. If you need help in tracking all your crypto wallets, you can read this blog https://www.dexfolio.org/blog-posts/track-all-crypto-wallets.