Cybercriminals Pilfer Over $12.7 Billion in More Than 1,000 Cryptocurrency Heists
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New Delhi, Dec 23 (NationPress) Crypto criminals have appropriated over $1.71 billion in digital currencies this year, elevating total thefts to a staggering $12.7 billion across more than 1,000 heists to date, as reported on Monday. The high valuation and anonymity offered by cryptocurrencies render them a prime target for criminals, propelling the total worth of illicit crypto transactions to alarming levels, according to a report from CryptoPresales.com.
Over the last decade, the total number of crypto heists has surged by 15 times, escalating from just 12 hacks documented in 2014 to 176 this year. Comparatively, there were 283 heists noted in 2023, marking the highest count the crypto sector has ever experienced.
Although the yearly count of crypto heists has seen a significant decline, the decade-long total remains startling. Since 2014, criminals have executed 1,008 crypto heists, inflicting losses exceeding $12.7 billion, as indicated by the report.
Data reveals that the majority of these losses, over 75 percent, transpired within the last four years, with 2022 and 2023 recording the most incidents. The statistics further indicate that the predominant types of crypto crimes encompass exploits, hacks, and flash loan attacks, which collectively make up over 65 percent of all reported heists.
According to the report, there have been 395 exploits, 271 hacks targeting systems or networks, and 220 flash loan attacks, which take advantage of vulnerabilities in smart contracts or manipulate crypto prices.
In response to escalating concerns regarding such attacks, South Korea and the United States are collaborating on research to bolster defenses against cryptocurrency heist attempts, particularly with threats posed by hackers linked to North Korea.
This initiative coincides with the recent surge in Bitcoin prices, which recently reached $100,000 following last month’s U.S. presidential election, raising fears of a rise in hacking attempts aimed at stealing virtual assets.
North Korea has emerged as a significant player in the realm of cryptocurrency thefts, with hackers associated with the nation reportedly pilfering $1.34 billion across 47 incidents this year, as stated by Chainalysis, a prominent blockchain analysis firm.
