Breaches and scams of cryptocurrencies has been on the rise, and no longer a new ordeal to the digital era, yet when it happens, it come as a surprise to the victims and even some believers of the Blockchain Technology.
Research has shown that there is always an increase in the number of breaches and attacks when the market is bullish. 2021 no doubt has had its considerable share of attacks.
The high gains of the digital asset has drawn much attention to it, thereby making it a major target of attacks and breaches. Uptrend of prices of the cryptocurrencies has no doubt serve as a motivating factor for attackers to carry out their operations, the recent bullish move has increased these attacks. Breaches in 2021 could possibly surpass that of the previous year (2020).
Statistical Records
2020 witnessed the highest crypto breaches and scams. There were 32 reported cases of attacks in 2020, making it the year with the most fraudulent and hacking incidents in the crypto space.
The past eight months of 2021 has witnessed 32 identified issues of frauds and hacking. With a ranging bull market and the year having months left, there is no doubt a high possibility of more attack(s) before it raps up.
Reports from crypto Head shows that; there has been a consistent increase in the rising number of cases since 2017. The year 2017 marks the start of an unforgettable bull runs in the crypto space. It definitely didn’t come as a surprise as there were high increase in number of attacks from the previous year. There were just 5 identified number of cases of crypto fraud and hacking in 2016. But 2017 saw a high increase.
With the Defi exploit, the NFTs trend and the emerging bullish move, the number of attacks this year (2021) may arguably beat that of the previous year (2020). Attackers are now equipped with specialized tools making their attacks seemingly more difficult to trace. These breaches and hacks are becoming more sophisticated.
Loots carted away with
In 2017, the total number of 21 attacks took place, amounting to $4.7 billion stolen. The attackers made away with $223.5 million on average. Being the highest amount stolen in a single year.
2020, however, had the highest number of identified attacks (38), amounting to about $1.8 billion in total.
Despite having months left before the year end, 2021 has witnessed 32 attacks already, surpassing that of the previous year. As it stands, the combined value of 2021 attacks is about $2.9 billion.
With the Poly Network attack that happened this year, valued at $610 million being the biggest Defi heist in record.
