How The Crypto Industry Lost $30 Billion to Hackers 


Slowmist Statistics said that the crypto industry lost more than $30 billion to hackers.

The crypto industry has lost a lot of funds to malicious players such as hackers. This is a result of code flaws and other vulnerabilities overlooked by developers. Others are the result of scams. SlowMist recently gave an update on these losses and raised concerns about the need for enlightenment on the part of users and developers to make security a top priority in the industry.

Emphasis on security

In a post on Twitter, the blockchain security company wrote,

“According to our SlowMist Hacked archives, as of July 7, 2023, the total losses from blockchain-related incidents have soared to an astounding $30 billion!  In light of these staggering numbers, it’s abundantly clear that projects and users alike need to place a much higher emphasis on security within the realm of blockchain technology.”

A breakdown of the report said that the crypto industry has lost $30,011,604,576.24 to hackers. The statistics from the website show that these losses were the result of one thousand, one hundred and one hack events that mostly happened from 2019 to 2021.

Hack distribution by ecosystem

The chart from the platform shows that there have been 58 blockchain hacks, 118 exchange hacks, and 38 wallet hacks. The Ethereum ecosystem has suffered the most breaches with 217 attacks, followed by Binance Smart Chain with 162 hacks. EOS has suffered 119 attacks, while the NFT ecosystem has been hacked 85 times.

The highest losses are still from the crypto-centralized exchanges, which account for more than $10 billion. The report said that the most common attacks are contract vulnerabilities and flash loan attacks. Private keys leaked, Discord was hacked, and transaction congestion attacks occurred.

There have been 137 vulnerability attacks, 106 rug pulls, 87 flash loan attacks, 52 scams, and 38 private key leaks.


Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.