$19 Billion in Crypto Crime Losses Uncovered by Crystal Intelligence Report Across 13-Year Period

Crystal Intelligence, a blockchain analytics firm, has released a new report detailing significant cryptocurrency crime losses of $19 billion over thirteen years, from June 19, 2011, to March 6, 2024. 

The report categorizes losses into $6 billion from security breaches, nearly $5 billion from decentralized finance (defi) hacks. And close to $8 billion from fraudulent schemes. Notable incidents include the 2019 Plus Token scam, which saw $2.9 billion worth of bitcoin (BTC) and ethereum (ETH) stolen. Marking the largest single theft. The report also highlights a rising trend in crypto-related crime, with 2023 hitting an all-time high of 286 reported thefts totaling over $2.3 billion. In 2024, notable thefts include the Playdapp breach in South Korea, where $290 million worth of ether was stolen, and the Eulor Finance defi hack in the U.K., resulting in $197 million in losses. The United States was the most targeted nation, experiencing 20 incidents totaling $287 million in losses. 

This report underscores the urgent need for improved security measures across centralized and decentralized platforms to combat increasingly sophisticated cybercrimes in the cryptocurrency space.

Clever Robot News Desk 14th June 2024

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