Cryptocurrency Hacking and Fraud on Track for Record Number of Incidents in 2021, Data Shows | Currency News | Financial and business news

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The valuation of the crypto market is increased to $ 2,000 billion.

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The number of cryptocurrency breaches and fraud cases is set to break records in 2021. 32 incidents of hacking and fraud totaling $ 2.99 billion have taken place so far in 2021 The number of offenses, on average, increases by 41% each year. See more stories on the Insider business page.

Cases of breaches and fraud in the cryptocurrency market reach their highest number this year, a study released Tuesday showed, increasing in line with the growth of the market itself to reach a valuation of over $ 2,000 billion. dollars.

32 incidents of hacking and fraud with a total value of $ 2.99 billion have taken place so far in 2021. This is on track to shatter the 38 cases identified in 2020, with this figure representing an increase of 40, 7% from 2019, according to Crypto Head analysis, which tracks news and writes guides to the cryptocurrency market.

The average value of breach and fraud cases this year is $ 93.3 million. On average, the number of infractions increases by 41% each year, he said.

Wallet and trade breaches are the most common type of attack, with 126 over the past ten years, surpassing attacks and frauds involving DeFi, or decentralized finance, at 41 each. “However, the number of DeFi breaches is increasing, with this new technology more open to potential weaknesses,” wrote James Page, crypto technical writer at Crypto Head.

Over the past 10 years, $ 19.2 billion has been stolen through crime and fraud. Bitcoin is the most targeted cryptocurrency, accounting for 33.3% of hacking and fraud cases. The world’s most traded digital coin, bitcoin’s valuation on Tuesday once again approached $ 1 trillion following a massive sell-off. Bitcoin represents about 43% of the cryptocurrency market, whose valuation soared to $ 2.1 trillion this year, according to CoinMarketCap.com.

Ethereum is the second most targeted crypto, registering 36, or 12.8%, breaches over the past decade.

But it’s the fraud cases that are the most lucrative for criminals, as they took an average of $ 365 million, more than 14 times more than breaches, Crypto Head said.

The United States is the country most often targeted, with 17 cases of hacking and fraud, followed by the United Kingdom and South Korea, with 12 and 9 incidents respectively.

2021 could set a record number of offenses, but hackers made the most money in 2017, stealing $ 223.5 million on average and highs of $ 4.7 billion in total. The biggest breach to date is Mt. Gox, with $ 615 million stolen over the years leading to the platform’s insolvency in 2014, Crypto Head said.

Crypto Head said the majority of the data analyzed came from Crystal, a digital asset analysis platform, and omitted crypto cases seized by governments or law enforcement authorities.

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