Monday , May 17 2021
Home / Blockchain / $13.6 Billion Stolen In 8 Years By Exploiting Blockchain-Based Projects, Report

$13.6 Billion Stolen In 8 Years By Exploiting Blockchain-Based Projects, Report

Summary:
A recent report examining the number of successful hacks on blockchain networks, exchanges, and even wallets concluded that attackers had stolen more than billion in the past eight years. The paper noted that the EOS network had experienced the most breaches, while the malicious actors have taken the most funds from wallets. 330 Blockchain Attacks; 2019 Was A Record-Breaker The document compiled by the VPN provider Atlas VPN reads that the total amount of attacks on various blockchain networks is 330. The first two hacks were registered in 2012. Interestingly, the company outlined that blockchain attacks didn’t increase in popularity among hackers until 2018. 2012-2020 H1 Blockchain Attacks. Source: AtlasVPNAs the graph above illustrates, the first half (H1) of 2018

Topics:
Jordan Lyanchev considers the following as important: , , , , ,

This could be interesting, too:

Mandy Williams writes Bitcoin Proponents Against Elon Musk Following Heated Dogecoin vs Bitcoin Tweets

George Georgiev writes Bitcoin Mining Company Vows to be Carbon Neutral Following Tesla’s Recent Statement

Jose Oramas writes North Dakota City to Accept Cryptocurrencies for Utility Bill Payments

Jordan Lyanchev writes Cardano Back to Top 4 as Bitcoin Dominance Drops to 35-Month Low

A recent report examining the number of successful hacks on blockchain networks, exchanges, and even wallets concluded that attackers had stolen more than $13 billion in the past eight years.

The paper noted that the EOS network had experienced the most breaches, while the malicious actors have taken the most funds from wallets.

330 Blockchain Attacks; 2019 Was A Record-Breaker

The document compiled by the VPN provider Atlas VPN reads that the total amount of attacks on various blockchain networks is 330.

The first two hacks were registered in 2012. Interestingly, the company outlined that blockchain attacks didn’t increase in popularity among hackers until 2018.

$13.6 Billion Stolen In 8 Years By Exploiting Blockchain-Based Projects, Report
2012-2020 H1 Blockchain Attacks. Source: AtlasVPN

As the graph above illustrates, the first half (H1) of 2018 saw the first year with double-digit hacks with 22. Then, the attacks exploded to a record-setting 94 during H1 in 2019, and the number rose to 133 throughout the entire year.

Although 2020 is not over yet, the attacks’ number is significantly lower. The report concluded that “based on this historical data, it seems that 2020 will not reach the record heights of last year, and blockchain hacks will remain on the decline.”

Most Attacks On EOS; Most Funds Taken From Wallets

The document highlighted that over 35% of all examined attacks have occurred on decentralized applications (dApps) running on the EOS blockchain. Next in line are cryptocurrency exchanges, which have been compromised 87 times.

$13.6 Billion Stolen In 8 Years By Exploiting Blockchain-Based Projects, Report
The Number Of Attacks On Different Blockchain Networks. Source: AtlasVPN

Although the number of attacks against the EOS network is substantially higher than hacks on exchanges, the story with the stolen funds is radically different.

Perpetrators have made approximately $28 million from the 117 attacks against dApps running on EOS, making it about $242,000 per breach. In contrast, the 87 attacks on exchanges have resulted in $4.82 billion nicked – or about $55.41 million per hack.

This outcome is not surprising, as cryptocurrency exchanges store arguably the most amounts of funds in the cryptocurrency space.

Interestingly, malicious actors have made the most per hack while compromising blockchain wallets. The research indicates that “over the past eight years, blockchain wallet providers have faced 36 hacks, which together amounted to $7.19 billion in losses or around $199,932,146.7 per breach.”

$13.6 Billion Stolen In 8 Years By Exploiting Blockchain-Based Projects, Report
Funds Stolen From Attacks On Blockchain Networks. Source: AtlasVPN

Leave a Reply

Your email address will not be published. Required fields are marked *