Security breaches cost crypto investors $ 7.6 billion since 2011: Crystal report

Crystal Blockchain has published a report on all major security incidents in the blockchain space since 2011.

Since 2011, malicious actors have managed to steal the equivalent of approximately $ 7.6 billion in funds

The report noted that US-based exchanges are the most targeted, while Japanese exchange CoinCheck holds the record for the biggest hack.

Crypto analysis firm Crystal Blockchain has released a report detailing all the major security breaches, fraudulent activity, cyber terrorism and scams in the Bitcoin Profit arena since 2011.

According to the report , since the emergence of the cryptocurrency markets, 113 security attacks and 23 fraudulent schemes have resulted in the theft of crypto assets worth around $ 7.6 billion. As a press release announcing the report points out, this figure is equivalent to Monaco’s GDP.

The report highlighted some key findings, including on the most common places of exchange security breaches

Unsurprisingly, these are the countries with the most developed crypto markets, namely the United States, United Kingdom, South Korea, Japan and China.

The United States, in particular, appears to be a major target. Since the inception of the blockchain ecosystem, U.S.-based crypto services have been targeted by malicious actors a total of 13 times. In terms of stolen value, however, China remains the leader.

Coincheck in Japan takes the title of the biggest hack to date, with a loss of $ 535 million. Crystal also cited hackers‘ preferred methods, “the most popular method of crypto theft is infiltration of exchange security systems”.

The report ends with a section of predictions from Crystal’s security experts. These predictions are hardly optimistic: “Over the next two years, as the number of blockchains continues to grow, and the methods and technologies used by illegal hackers continue to improve and develop, we can assume that the number of hackers will also continue to increase ”.

Crystal says that with an adequate mode of corrective action, the damage caused by scams and hacks, especially in the case of “hot wallets”, could be mitigated. Overall, the report leaves little reason to believe that the latest Harvest Finance infiltration will be anything but the next installment in a long list of warnings.