BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

The Price of Progress: Over $30 Billion Stolen from the Crypto Ecosystem Since 2012

by Dan K
Jul 7, 2023 - 9:27 pm
in Blockchain
Image depicting a digital representation of the CoinsPaid cybersecurity breach, showcasing symbols of cryptocurrencies like Binance and Ethereum.

Over $30 Billion Stolen Since 2012

A shocking revelation comes from the latest SlowMist report, disclosing that more than $30 billion worth of cryptocurrencies has been stolen from 2012 to the present day, scattered across 1,101 documented incidents. This accounts for nearly 3% of the current market cap of all listed cryptocurrencies.

Smart Contract Vulnerabilities Leading the Charge

The blockchain security firm identifies the top five most common types of hacks: smart contract vulnerabilities, rug pulls, flash loan attacks, scams, and private key leaks. These events collectively account for about 2.5% of the present cryptocurrency market capitalization.

A Breakdown of the Incidents

The report further categorizes the incidents, reporting 118 exchange hacks, 217 Ethereum ecosystem hacks, 162 BNB Smart Chain ecosystem hacks, 119 EOS ecosystem hacks, and 85 NFT-related hacks. Of all these, exchange losses were the most substantial, costing over $10 billion in the past decade.

The Changing Pattern of Security Breaches

Notably, security incidents that resulted in losses of over $1 billion reached their peak during the early 2010s and between 2019 and 2021. However, there’s been a noticeable drop in such events from 2022 onwards, echoing findings from other reports.

High-profile Attacks and Recovery Efforts

Major attacks in the early days of Bitcoin included the infamous Mt. Gox and Bitfinex hacks. The Mt. Gox exchange filed for bankruptcy in 2014 after losing 850,000 customer BTCs ($25.2 billion today) through a series of low-key hacks over years. The exchange managed to recover 200,000 BTC ($6.1 billion today) and has been redistributing them to creditors.

In 2016, Bitfinex underwent a security breach that led to a loss of 119,576 BTCs, worth approximately $70 million then and a staggering $3.7 billion today. In a major breakthrough on Feb. 8, 2022, special agents from the U.S. Department of Justice managed to recover 94,000 of the stolen BTCs.

Tags: BlockchainCryptocurrencyDeFiHack
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service