Find out the value of loot in the crypto market in 2021
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Answer Find out the value of loot in the crypto market in 2021
While 2021 is one of the most successful and profitable years in the cryptocurrency market, it is unfortunately the saddest for some investors affected by fraud.
Recently, scammers and hackers have found a new attraction called the DeFi industry that has brought them more than $7 billion in stolen funds, according to the annual SlowMist report.
Overview of hacks:
According to a report “SlowMist’, which tracked 231 security incidents related to crypto and blockchain projects, and reported total losses from all of those incidents at $9.8 billion.
With more hacks and scams happening in the DeFi industry almost every day, the aforementioned figure could cross the $10 billion mark.Read:Binance CEO responds to a Singaporean Binance user whose account has been suspended
Of those 231 incidents, about 170 cases were linked to DApps or the decentralized finance sector, including 15 breaches and hacks of trading platform security, a breach of public blockchains, three digital wallet security issues, and 35 other hacks or scams.
What are the most affected applications?
Most of the victims of hacking and scams were either small blockchains or relatively small DeFi protocols.
In 2021 the BSV Blockchain became the victim of a 51% attack in which a single individual possesses more than 50% of the network’s voting power and is able to manipulate the entire blockchain network in their favour.
Larger networks such as Ethereum Classic have fallen victim to another defection due to a vulnerability in client code called Geth.
In less than two weeks after the Ethereum Classic network was affected by a security attack, the Solana network stopped working for 17 hours due to the denial of service attack.
Fortunately for its users, the attackers did not steal any money.
For decentralized and centralized trading platforms, the two most notable attacks in 2021 were on Cryptopia and Liquid exchange hot wallet.Read:Dogecoin rises more than 35 percent after news of its listing on Binance
Due to the attacks, nearly $100 million worth of tokens and cryptocurrencies were stolen.
These were some numbers and statistics about what hackers and fraudsters get from the cryptocurrency market, which is still suffering from security violations until now.
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