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$ 12 billion in currency codes have been stolen in the past decade

BingMag.com $ 12 <b>billion</b> in <b>currency</b> <b>codes</b> <b>have</b> been <b>stolen</b> in the <b>past</b> decade

Since the introduction of Bitcoin in 2009, blockchain technology and the cryptocurrency market have gone through ups and downs. Both technologies have become cutting-edge technologies that have revolutionized large industries and provided us with good opportunities to create new industries.

The rapid growth of these technologies has attracted the attention of many investors. Investments will be very beneficial for the growth and use of cryptocurrencies and blockchain. However, the lack of legislation or effective oversight of many cryptocurrencies means a lack of legal protection for investors. . But who pocketed the money, and where is the wealth now?

How was the $ 12 billion currency code stolen?

According to a report released by Atlas VPN, From January 2011 to December 2021, more than $ 12 billion in cryptocurrency capital was stolen, according to data collected by Crystal Blockchain. According to these data, the most popular method for thieves is to infiltrate the security system of cryptocurrency exchanges, and the abuse of the DeFi protocol and scams are in the next places.

The first security breach to a cryptocurrency exchange in 2011 and For Mt. Gox happened. As a result, more than 850,000 bitcoins were stolen, valued at $ 450 million at the time. The amount of assets stolen from the cryptocurrency market increased to $ 645 million by 2014, and this growth continued until 2021, when it reached $ 2.3 billion.

BingMag.com $ 12 <b>billion</b> in <b>currency</b> <b>codes</b> <b>have</b> been <b>stolen</b> in the <b>past</b> decade

Although the use of security vulnerabilities is the most attractive way for cryptocurrencies, statistics show that scams contribute more to the loss of investor wealth. Scams account for 60 percent of all lost assets, according to the report. Recognized from invalid platforms. Of course, it should not be forgotten that the vacuum of legislation and cryptocurrency monitoring also play an important role in making users and investors vulnerable to criminals.

Finally, DeFi hacking is introduced as the third method of criminals to steal cryptocurrencies. It is also the latest method of thieves, who started using it in 2020 and used it to steal about $ 149 million from DeFi exchanges. This method quickly became a trend in 2021, and the value of stolen assets used by it jumped to a significant $ 7.1 billion.

  • Complete Decentralized Finance Guide DeFi) For Beginners

Scams have made it harder for them to accept more currency cryptocurrencies

Although security breaches are the most common way to steal currency cryptocurrencies, DeFi hacks have been around in recent years. It has become very popular, and scams have been the largest contributor to the loss of shareholder assets over the past decade. As mentioned, these problems are due to legal and regulatory gaps in the cryptocurrency market. Identify and identify malicious actors. Unfortunately, the increase in the loss of users' assets in favor of fraudsters and cybercriminals has had a negative impact on public perception of the acceptance of currency cryptocurrencies as a safe investment method.


Source: Make Use Of

Tags: billion, currency, codes, have, stolen, past, decade

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