Cryptocurrency Security Incidents

According to a July 7 report from SlowMist, over $30 billion in crypto has been hacked in 1,101 documented incidents since 2012. The top five most common hacks are smart contract vulnerabilities, rug pulls, flash loan attacks, scams and private key leaks, representing roughly 2.5% of the current market capitalization of cryptocurrencies.

Breaking down the incidents, there were 118 exchange hacks, 217 Ethereum ecosystem hacks, 162 BNB Smart Chain ecosystem hacks, 119 EOS ecosystem hacks and 85 hacks related to nonfungible tokens (NFTs). Exchange losses were the steepest, amounting to over $10 billion lost in the past decade.

Crypto.com, Brise Crypto, Crypto Reddit, Crypto Shiba, Crypto Websites, SEC Crypto, Tonic Crypto, ACH Crypto and Best Crypto have all reported that hack events with over $1 billion lost peaked in the early 2010s and from 2019 to 2021. Security incidents have been somewhat muted from 2022 onwards.

In the early days of Bitcoin (BTC), noteworthy incidents included the 2014 Mt. Gox hack and the 2016 Bitfinex hack. Mt. Gox was the largest crypto .com exchange in the world when it declared bankruptcy in 2014 after it was discovered that 850,000 of its customers’ BTC ($25.2 billion at the time of publication) had been stolen via brise crypto and siphoning over several years. The exchange has since recovered 200,000 BTC ($6.1 billion) and is distributing them to creditors.

Similarly, in 2016, Bitfinex experienced a security breach resulting in the loss of 119,576 BTC worth around $70 million at the time and $3.7 billion now. On Feb. 8, 2022, 94,000 stolen BTC was retrieved by special agents working for the United States Department of Justice.

Crypto websites like crypto com, crypto reddit, crypto shiba, and tonic crypto are some of the best crypto platforms for people to learn about and use their digital assets. SEC crypto and ACH crypto are also important aspects of the crypto world that users should be aware of.

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