2022 recorded the highest number of crypto breaches and frauds: 120 incidents worth 1,866,240,500

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After DeFi breaches, the second most common type of crypto attack was fraud, with 36 frauds occurring in 2022, an increase of over 140% from 2021.

A new study by CoinJournal, based on available data on top breaches and frauds since 2012, has found that crypto hacks and frauds hit an all-time high in 2022, with incidents up 27.66% from 2021. .

The list of year-over-year changes in crypto breaches and fraud puts 2022 at the top, with 120 incidents worth a total of 1,866,240,500 – a 27.66% increase from 2021, which saw 94 incidents amounting to 4,037,707,250.

Although there were more incidents in 2022 (120 versus 94), there was a significant drop in the value of digital assets (1,866,240,500 in 2022 versus 4,037,707,250 in 2021). The main reason behind this is that crypto entered a bear market in 2022. Digital assets have fallen sharply from their all-time highs against fiat currencies.

Crypto Fraud and Breaches Keep Rising

2020 was a much calmer year, with 31 incidents totaling 1,299,391,750 digital assets lost due to breaches and fraud. The year 2019 saw 26 incidents with a value of 3,052,262,500. In 2018 there were 15 incidents valued at 849,401,050. a value of 563,360,450.

“2022 was the worst year for crypto fraud and breaches, with 120 different incidents occurring during the year. This was 26 more than the previous year, which equates to an increase of almost 28 %,” CoinJournal said. “The most common crypto attack was DeFi breaches, which occurred 80 times in 2022 alone, accounting for over 66% of all incidents.”

After DeFi breaches, the second most common type of crypto attack was fraud, with 36 frauds occurring in 2022, an increase of over 140% from 2021. The largest fraud in 2022 was worth 53,940,000.

“The United States is the most commonly targeted country, with 13 hacks and breaches since 2011. The most recent was in July 2020, when hackers broke into verified Twitter accounts and launched a fake donation campaign,” continues the report. “The costliest crypto scam was Plus Token, where almost $3 billion worth of Bitcoin and Ethereum was stolen.”

BSC was the most stolen coin in 2022, with the currency having been stolen a total of 50 times. This is a 72% increase from 2021, when it was stolen only 29 times. The second most stolen coin was ETH on 33 occasions.

The biggest fraud was the Plus Token Ponzi in 2019: $2.9 billion

Ronin’s DeFi breach was the biggest attack in 2022, worth $650,000,000 worth of ETH and ERC20, followed by $326,000,000 Wormhole from Solana (SOL).

In 2021, the $2 billion Thodex fraud in Turkey was the largest incident, followed by PolyNetwork’s DeFi breach valued at $614,000,000.

In 2020, WoToken’s $1 billion fraud and KuCoin’s $281 million breach surpassed incidents in that year, but the largest attack of all time, according to CoinJournal research, was The Most Ponzi Token in 2019: $2.9 billion worth of BTC and ETH.

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