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Home»TRADING NEWS»Crystal Intelligence estimates that cryptocurrency hacks have cost the industry approximately $20 billion.
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Crystal Intelligence estimates that cryptocurrency hacks have cost the industry approximately $20 billion.

By Crypto FlexsJune 12, 20242 Mins Read
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Crystal Intelligence estimates that cryptocurrency hacks have cost the industry approximately  billion.
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According to Crystal Intelligence, while 2023 had the highest number of annual cryptocurrency thefts, 2022 remains the costliest year by value, with 199 incidents totaling $42 billion.

According to data from Crystal Intelligence shared with crypto.news, cryptocurrency scams and hacks have resulted in the loss of nearly $19 billion worth of assets, with the United States accounting for the most incidents.

“The most striking aspect of the evolution of cryptocurrency crime, currently in the teens, that Crystal has observed is the speed with which new crime types emerge, new law enforcement technologies are implemented to combat them, and the process recycles itself.”

crystal intelligence

According to the report, there were nearly 200 incidents of theft worth $9.7 billion across 55 countries around the world, with the United States recording the theft of approximately $984 million worth of cryptocurrency and just under $1.2 billion in Hong Kong. There were 15 thefts.

Cryptocurrency theft by country | Source: Crystal Intelligence

Since 2011, the industry has reported approximately 785 incidents of cryptocurrency theft, including 220 security breaches, 345 decentralized protocol hacks, and 220 fraud schemes, with a total theft amounting to $19 billion. However, the report notes that the data is based only on reported losses, suggesting the true scale of unreported incidents could be much larger.

In mid-May, blockchain forensics firm Chainalytic revealed that nearly 75% of funds stolen through cryptocurrency drainers in 2023 were channeled into decentralized finance, with more than 90% going to centralized exchanges. It’s a stark contrast to the year 2020 ended. The true scale of the phishing activity is still unclear, Chainalytic admits, noting that it is difficult to track the total amount stolen by drainers because “many cryptocurrency drainer scams go unreported.”

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