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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Hackers Have Stolen $30 Billion In Crypto Since 2012, SlowMist Report Finds

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Crypto

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Due to the anonymity cryptocurrencies provide, the crypto industry is known to be targeted by hackers and other malicious players. This has left many wondering just how much digital currency has been pilfered from right under the nose of the industry over the years.

 Now, the latest report by blockchain security firm SlowMist seems to have the answer. According to the recently released report, hackers and scammers have made off with a staggering $30 billion in cryptocurrency since 2012. 

Details Of The Report

The SlowMist team analyzed 1,101 hacking incidents to determine how much crypto has been stolen to date and how they were stolen. Their findings show that hackers and scammers employ a variety of methods, with the top ones being contract vulnerability attacks, rug pulls, flash loan attacks, scams, leaking of private keys, and good old phishing attacks to gain access to people’s crypto accounts and wallets. 

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The most lucrative year for malicious players came in 2021 during the extended crypto hype, with over $9.7 billion stolen in 236 attacks. 

In total, the amount stolen in the last decade came up to a little over $30 billion. And given that the overall market cap of all cryptocurrencies is now at $1.14 trillion, the amount reported stolen is over 2.5% of the total market cap.

Crypto hacks

Over $30 billion stolen in 10 years | Source: SlowMist

Exchanges And Ethereum Ecosystem Hit The Most

Exchanges have always long been a prime target for hackers looking to steal crypto due to their large holdings and the SlowMist report reflects that. 

In total, over 118 attacks were carried out on exchanges, resulting in over $10.9 billion being lost. The biggest of these could be traced back to the $534 million lost in the 2018 Japanese exchange Coincheck hack and the 2014 Mt. Gov hack resulting in a loss of over $473 million.

Crypto total market cap chart from TradingView.com

Total market cap chart sitting at $1.139 trillion | Source: Crypto Total Market Cap on TradingView.com

In terms of attacks on blockchain ecosystems, Ethereum came out on top with 217 attacks and over $3.1 billion being pilfered away. This should come as no surprise, considering Ethereum is home to most Web3 projects.

The BSC and EOS ecosystems followed closely with 162 and 119 attacks, respectively. Additionally, over $200 million were lost in NFT attacks, while bridge attacks led to $2 billion in losses. 

What’s Next For The Crypto Industry?

The staggering numbers in SlowMist’s report are a reminder that crypto, for all its promise, also has a dark side. However, attacks seem to have been slowing down as many projects have started to improve their security. With more than a trillion dollars at stake, reducing theft should be a collaborative effort across the entire crypto landscape. 

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According to the latest report by Beosin, a blockchain security firm, losses from Web3 scams and hacks dropped dramatically in H1 2023. Data from SlowMist’s report also shows that the total amount of money lost to blockchain hackers has been declining since 2021.

Featured image from ETF Trends, chart from TradingView.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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