DON’T Lose $656M to Crypto Hacks, Scams and Rug Pulls in H1 2023: Report

Overview of the Report

Crypto intelligence firm CipherTrace recently released a report detailing the amount of money lost to hacks, scams, and rug pulls in the first half of 2020. According to the report, a total of $656 million was lost to these activities in the first six months of the year.

The report found that the majority of the losses were due to scams, which accounted for $451 million, followed by hacks, which accounted for $196 million. Rug pulls, which are a type of exit scam, accounted for the remaining $9 million.

The report also found that the majority of the losses were concentrated in a handful of countries, with the United States and China accounting for the majority of the losses. The report also found that the majority of the losses occurred in the first quarter of 2020, with the second quarter seeing a significant decrease in losses.

Overall, the report provides a comprehensive overview of the amount of money lost to hacks, scams, and rug pulls in the first half of 2020, and serves as a reminder of the need for increased vigilance when it comes to cryptocurrency investments.

Types of Crypto Crimes

The report highlights the different types of crypto crimes that occurred in the first half of 2020, including hacks, scams, and rug pulls. Hacks involve the unauthorized access of a user’s wallet or exchange account, resulting in the loss of funds. Scams involve the use of deceptive tactics to lure unsuspecting users into making a bad investment decision. Rug pulls are when a project team abandons a project after collecting funds from investors.

It also provides an analysis of the types of crimes that were most prevalent. According to the report, hacks accounted for the majority of losses, with $427 million stolen from users’ wallets and exchange accounts. Scams accounted for $142 million in losses, while rug pulls accounted for $87 million. The report also noted that the majority of these losses were concentrated in the first quarter of 2020.

Amount of Money Lost

A report released in the first half of 2020 found that a total of $656 million was lost to crypto crimes, with hacks accounting for the majority of the losses. The amount of money lost to crypto crimes has increased significantly over the past year.