With the boom in the cryptocurrency market over the past 10 years, so has the number of security breaches and cyberattacks attempting to capitalize on its growth.
According to a new report from instead of this, an estimated $ 12.1 billion in cryptocurrency was stolen between January 2011 and December 2021, with Japan, South Korea, the US, the UK and China being the countries with the highest number of security breaches.
When it comes to how so much money was stolen, exploiting vulnerabilities in crypto-exchange security systems has been the most common tactic with $ 3.18 billion fraud.
At the same time, crypto scams rose 850 percent from 2011 to 2021, and this year saw the highest number of scams at 76 total. However, the largest increase in fraud rates occurred between 2016 and 2017 (180%) when some of the most serious cyberattacks occurred.