- The largest crypto security breach thus far was the incident involving Japanese exchange Coincheck in 2018.
- So far, $2.8 billion has been stolen through security breaches and $4.8 billion has been stolen through scams, so approximately $7.6 billion worth of cryptocurrrencies in total has been stolen since 2011.
- The most popular method of crypto-robbery is the infiltration of crypto-exchange security systems.
- The most common locations for exchange security breaches are United States, United Kingdom, South Korea, Japan, and China.
- There have been 113 security breach attacks and 23 fraudulent schemes in total.
The Netherlands, Nov. 12, 2020 /AlexaBlockchain/ – Hackers have stolen crypto assets worth $7.6 billion since 2011, according to a research study by Crystal Blockchain. Crypto stolen from both hacked exchanges and fraudulent investors were taken into account for the study.
In its study titled “Security Breaches and Fraud Involving Crypto 2011-2020“, the Netherlands based Crystal Blockchain has prepared the complete database of hacking attacks and fraud cases in the cryptocurrency world. The study found that $2.8 billion worth of crypto was stolen due to hacking attacks, while $4.8 billion worth of crypto was stolen due to fraud cases.
The most common locations for exchange security breaches are the United States, the United Kingdom, South Korea, Japan, and China. The largest crypto security breach thus far was the incident involving the Japanese exchange Coincheck in 2018.
Kyrylo Chykhradze, Crystal Blockchain product director, told CoinDesk that these attacks were largely due to inadequate security measures.
Chykhradze, who gave some advice to exchanges about hacking attacks; respectively, to take out insurance, to establish a special security team, to use advanced analysis software, to keep reserves equal to the amount of crypto money held in the exchange. Chykhradze also gave the message that these attacks will increase with the growth of the cryptocurrency industry.
