Massive Crypto Crime Wave Exposed: The Jaw-Dropping Truth Behind Billions in Hacks and Scams

Around $16.7 billion in cryptocurrencies was stolen between January 2011 and February 2023, highlighting the growing illegal activity in the country. Cryptocurrency and DeFi Marketsaccording to a reports,

DeFi Hacks On The Rise

study done by crystal blockchainthat already contained data cryptocurrency exchange hackmount gox) in 2011 to February 18, 2023, showed a shift in criminal focus from infiltrating crypto-exchange security systems to DeFi hacks.

The report details 231 DeFi hacks, 135 security attacks, and 95 fraud schemes over the past 12 years.

In 2022, the ratio of centralized exchange (CEX) versus decentralized exchange (DEX) hacks reached 1:13. Involved in the biggest DeFi hack ever ronin network In March 2022, over $650 million was stolen.

Read also: Bitcoin Liquidity Drops to 10-Month Low – Panic Selling to Follow?

nft market scam emerging

As non-fungible tokens (NFTs) grow in popularity and see a 1,785% increase in market capitalization in 2021, the report also sees a rise in NFT-related scams.

In the first half of 2022 alone, seven rig bridges based on NFT projects defrauded investors.

Tornado Cash: A popular tool for money laundering

tornado cache But remains the most popular service for legalizing stolen money Ethereum ETH/USD blockchain.

The platform was used by a Ronin Network hacker who moved most of the stolen funds through the service.

Geographic distribution of exchange security breaches

According to the report, exchange security breaches commonly occur in countries including the United States, the United Kingdom, South Korea, Japan, and China.

The Crystal Blockchain report underscores the importance of addressing security vulnerabilities and fraudulent activities in a rapidly evolving world. cryptocurrency and the DeFi landscape to protect investors and maintain the credibility of the industry.

Read further: Bulletproof Your Crypto Investments: Uncover Hidden Gems With This Benzinga Guide

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