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Crystal Blockchain Report: $12.1 billion worth of crypto-assets stolen since 2011

by Bradley
December 20, 2021
in News
Crystal Blockchain Report: $12.1 billion worth of crypto-assets stolen since 2011

Crystal Blockchain is a globally distributed team of world-class blockchain analysts, has released its bi-annual report Crypto & DeFi Hacks & Scams Report. According to the research, there were 120 security attacks, 73 attacks on DeFi protocols, and 33 fraudulent schemes that have so far resulted in the theft of approximately $12.1 billion worth of crypto assets in total between 2011-2021.

The report states that over $1.7 billion was stolen from DeFi protocols. According to Crystal’s experts this can be explained by the fact that the technology is new and still has a lot of vulnerabilities. The biggest DeFi breach to date occurred in 2021 to Poly Network, a DeFi initiative, targeted by a hacker, or hackers, who stole more than $614 million in tokens (worth noting that the majority of these funds have been returned).

A leader in the laundering of dirty bitcoins is BTC-e (indicted for money laundering in January 2017), which managed to launder over 200,000 BTC over several years. According to the Crystal database, over a third (39%) of all stolen BTC funds were distributed via Fraudulent Exchanges, defined as exchanges that have been involved in exit scams, illegal behavior, or who have had funds seized by the government.

A bar graph showing the stacked total amount of stoeln virtual assets in USD 2011-2021

Key takeaways from the 2021 Crypto & DeFi Hacks & Scams Report by Crystal: 

  • The most popular method of crypto-theft has been the infiltration of crypto-exchange security systems.
  • So far, $3.18 billion has been stolen through security breaches, $7.12 billion has been stolen through scams, and $1.76 billion through DeFi hacks.
  • The most common locations for exchange security breaches are the US, the UK, South Korea, Japan, and China.
  • In 2020–2021, DeFi hacks started trending and continue to grow.
  • Ransomware is on the rise, with the most noticeable attacks in 2021 being on JBS (paid $11m to REvil ransomware) and Сolonial Pipeline (paid $7m to DarkSide).
  • Scams using NFTs are also trending, with the market cap for NFTs having jumped by 1785% so far in 2021. Growing adoption inevitably leads to more bad actors in the space.

“Distributing up-to-date Security Breach and Fraud information helps highlight the current situation in the cryptocurrency world and shows how compliance services are essential for progress in the industry” – Marina Khaustova, CEO at Crystal Blockchain.

The latest report is available on the Security Breaches & Scams Page on our website.

CTA Contact us for your investigations at investigations@crystalblockchain.com


About Crystal Blockchain:

The company designs blockchain solutions for virtual asset service providers and regulatory agencies. Crystal is making it harder for cybercrime gangs to profit. Should a ransom be paid, the company can track what happens to this crypto — by scrutinizing blockchain records to determine where funds end up and making it harder for criminals to launder stolen funds via the blockchain.

 

Media Contact:

Lesia Klochai

PR Manager

lesia.klochai@crystalblockchain.com

Tags: Blockchain PaymentsCryptocurrency
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