Almost 130 billion USD has been pilfered since 2012 by various types of cyber attacks against the crypto world. According to reports, Smart Contract vulnerabilities occurred on more than 80 separate occasions, closely followed by rug pulls, flash loan frauds, scams, and private key leaks making up the bulk of malicious assaults. Astonishingly, a single theft of 850,000 BTC rocked the financial world as part of an exchange hack on Mt. Gox, with another 120,000 BTC dissipating with a hit to the infamous Bitfinex platform. Thanks to sterling efforts by DOJ special agents, more than a quarter of the stolen funds from Bitfinex were fortunately recuperated in 2022.
However, losses were greatest on the Ethereum Network with a purported 3.12 billion lost on 218 events. Ecosystem evaluations highlights 1.45 billion BTC vanishing from 162 hack events on the Binance Contract Smart Ecosystem, while EOS felt the effects from 119 individual thefts for the sheer sum of 26 million dollars. During peak periods, such as the early 2010s and especially over 2019-2021, heinous withdrawals rocketed, although more steadiness was red1iscovered between 2022 onwards.
Though relatively lucky considering cryptocurrencies as a valuable commodity now exceed 1.2 trillion in design, SlowMist stated the figure regrettably correlate to 2.3% of the entire crypto market. Not only does it reprimand core investors of obviously mandatory regulations, but moreover highlights the turbulent history marinating the ever-complex nature of cryptocurrency world.
