Security breaches have cost crypto investors $7.6 billion.

Crystal Blockchain has published a report on all major security incidents in the blockchain area since 2011.

Since 2011, malicious actors have managed to steal the equivalent of approximately $7.6 billion in funds.

The report noted that US-based trading platforms are the most targeted, while the Japanese exchange CoinCheck holds the record for the largest hack.

The Trust Project is an international consortium of media organisations based on transparency standards.

The crypto analysis company Crystal Blockchain has published a report detailing all major security breaches, fraudulent activities, cyber-terrorism and scams in the area of crypto-money since 2011.

According to the report, since the emergence of the crypto-money markets, 113 security attacks and 23 fraudulent schemes have resulted in the theft of approximately $7.6 billion worth of cryptographic assets, according to the report. As a press release announcing the report points out, this figure is equivalent to Monaco’s GDP.

The report highlighted some key findings, including where the most common locations of security breaches in exchanges were found.

Unsurprisingly, these are the countries where crypto markets are the most developed, namely the United States, the United Kingdom, South Korea, Japan and China.

The United States, in particular, appears to be a major target. Since the beginning of the existence of the blockchain ecosystem, US-based crypto services have been targeted by malicious actors a total of 13 times. In terms of stolen value, however, China remains the leader.

Japan’s Coincheck wins the title of the biggest hack to date, with a loss of $535 million. Crystal also cited hackers‘ preferred methods, „the most popular method of stealing crypto is to infiltrate exchange security systems“.

The report concludes with a section of predictions by Crystal’s security experts. These predictions are hardly optimistic: „Over the next two years, as the number of blockbusters continues to grow, and as the methods and technologies used by illegal hackers continue to improve and develop, we can assume that the number of hackers will also continue to increase“.

Crystal argues that with proper corrective measures, the damage caused by scams and hacks, particularly in the case of „hot wallets“, could be mitigated. Overall, the report leaves little reason to believe that the latest Harvest Finance infiltration will be anything other than the next instalment in a long list of warnings.

14. November 2020