Sunday, April 2, 2023

Beware of Your Cryptocurrency: Cybercriminals Steal US$14,000 Million and Watch a Sector

Ever since the rise of cryptocurrencies, cybercriminals have been looking for every possible way to put them through all sorts of tricks.

The popularity of bitcoin and cryptocurrencies in general has aroused interest in them to cybercriminals and this is demonstrated by the amount of money stolen through fraudulent practices. According to the Crystal blockchain firm, between 2011 and now 2022, scams and attacks on the digital asset industry $14 billion in losses and DeFi is a favorite area of ​​hackers.

DeFi: a favorite of cybercriminals

It has been reported that in the past 11 years, despite the continuous development of blockchain, decentralized finance[डीएफआई]167 attacks, 123 security attacks and 74 fraud schemes have been recorded on the protocol.

Frauds In The Cryptocurrency Industry Have Generated More Than Usd 7,000 Million In Losses So Far This Year, With A Total Generated In 2021.  Source: Crystalblockchain.

The crypto fraud has generated losses of over USD 7,000 million so far this year, taking the total to 2021. Source: CrystalBlockchain.

According to the report “beyond illegal attacks, there are a variety of fraud schemes that have been used by bad actors to extract value from unsuspecting victims, for example, exit scams and Ponzi schemes.”

The report noted that an upward trend was observed in attacks on everything related to DeFi projects. “As far as crypto crime trends are concerned, the first half of 2022 was dominated by DeFi hacks, indicating an incredible amount of stolen money,” Krystal said.

So far in 2022, 154 cases related to fraudulent activities have been identified against DeFi, of which 80 are related to hacking.

In the first half of 2022, Money stolen from DeFi projects exceeds $2.1 billion, In detail, cybercriminals stole US$1,934 million in attacks, US$132 million under fraudulent schemes (Ponzi) and US$77 million by taking advantage of security breaches. The increase in attacks and fraud could be in line with the growth of DeFi this year.

worst affected countries

The United States ranks first for the number of reported incidents against its entities between 2011 and 2022. In total, he was targeted 13 times, followed by the United Kingdom with 11 incidents, South Korea with 8, Japan with 7 and China with 5.

The United States And The United Kingdom Are The Countries That Have Reported The Most Attacks On Their Entities.  Source: Crystalblockchain.

The United States and the United Kingdom are the countries that report the most crypto attacks. Source: CrystalBlockchain.

for its part, China tops the list of countries With reference to the amount of money received from illegal activities. Examples detailed in the report include the theft of US$2 billion in 2019 through a Ponzi scheme, PlusToken. Another case corresponds to the US$1 billion scam by the Votoken project in 2020, which had links with PlusToken.

According to the report, “DeFi hacks will continue to increase as the industry continues to build better security systems and hackers continue to do everything possible to break into these systems.”

Similarly, he believes that the number of attacks will continue to increase, not only for DeFi, but also in bitcoin and the rest of the cryptocurrency ecosystem. This is as the blockchain continues to evolve and the methods and technologies used by hackers become more sophisticated, as reported by Cryptonoticious.

Nation World News Desk
Nation World News Desk
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