The cryptocurrency industry suffered 785 reported hacks and exploits during the past 13 years. Nearly $19 billion worth of digital assets were stolen in the 13 years since June 19, 2011, when the first known crypto hack was reported, according to a Crystal Intelligence report shared with Cointelegraph. The largest single crypto theft case remains the 2019 Plus Token fraud when attackers netted $2.9 billion worth of Bitcoin and Ether. During the past two years, the $290 million security breach on PlayDapp represented the largest single crypto heist, back in February 2024. During the same period, the JPEX investment scam in Hong Kong made for the largest single crypto fraud scheme, resulting in $194.3 million of stolen crypto. Crypto hacks and exploits remain one of the biggest hurdles impeding mainstream trust and adoption. Crypto hacks in 2024 could potentially top 2023, as the first quarter of 2024 saw $542.7 million worth of stolen funds, a 42% increase compared to the same period in 2023. While the highest number of crypto-related hacks was reported in 2023, the year 2022 is still known as the “deadliest year by value,” according to Crystal Intelligence. A total of 286 exploits resulted in over $2.3 billion worth of assets being stolen digital in 2022. However, 2022 resulted in $4.2 billion worth of stolen digital assets, nearly double the amount in 2023. Yet, the number of incidents stood at 199, which is 30% less than the 286 hacks reported in 2023.
OODA has been compiling a comprehensive Web3 incident database from the start of the cryptocurrency age based on our research to categorize what compromises are taking place as well as document the root causes that plague Cryptos, DeFi, NFTs, and Web3 in general. Tracking root causes provides comprehensive insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks. You can access the OODA comprehensive Crypto Incident tracker here.
