In a comprehensive new report, Crystal Intelligence, a blockchain analytics firm, details a significant $19 billion in losses due to cryptocurrency crimes over the past thirteen years. The study covers a timeline from June 19, 2011, to March 6, 2024, and delves into the various types of criminal activities within the digital currency space.
Study Reveals $19 Billion Lost to Crypto Crimes Over 13 Years
The latest Crystal Intelligence report categorizes the losses into $6 billion from security system breaches, nearly $5 billion from decentralized finance (defi) hacks, and close to $8 billion from fraudulent schemes. Crystal is a blockchain intelligence start-up based in Amsterdam, Netherlands, that was founded by Bitfury.
A standout incident highlighted in Crystal’s study was the 2019 Plus Token scam, where fraudsters siphoned off $2.9 billion worth of bitcoin (BTC) and ethereum (ETH), marking it as the most substantial single theft recorded. Despite advances in security and tracking, Crystal’s research notes that crypto-related crime figures for 2023 reached an all-time high with 286 reported thefts amounting to over $2.3 billion.
In the ongoing year, 2024, the largest recorded theft was the Playdapp security breach in South Korea, with criminals looting $290 million worth of ether. Another significant defi hack occurred in the U.K. with Eulor Finance, where hackers made off with $197 million in ether. The United States emerged as the most targeted nation, experiencing 20 incidents totaling $287 million in losses.
As the cryptosphere continues to evolve, Crystal’s report underscores a persistent vulnerability to complex cybercrimes, signaling a critical need for enhanced security measures by both crypto protocol creators and users. As thefts grow in both sophistication and frequency, the industry will have to prioritize the development of more robust security solutions for both centralized and decentralized platforms.
Source: Bitcoin
