Crypto Crime Has Caused Losses in the Last 13 Years, This Is the Value

Todaysgist.com, Jakarta – In a comprehensive new report from Crystal Intelligence, a blockchain analysis company, details significant losses of USD 19 billion or the equivalent of IDR 308.6 trillion (assuming an exchange rate of IDR 16,407 per US dollar) due to cryptocurrency crimes over the last thirteen years.

Reporting from Bitcoin.com, Wednesday (19/6/2024), this study covers the time span from June 19, 2011 to March 6, 2024, and investigates various types of criminal activity in the digital currency space.

Crystal Intelligence categorized the losses into USD 6 billion due to security system breaches, nearly USD 5 billion due to decentralized finance (defi) hacks, and nearly USD 8 billion due to fraud schemes.

A prominent incident highlighted in Crystal's research was the Plus Token scam in 2019, where fraudsters siphoned off USD 2.9 billion worth of bitcoin (BTC) and ethereum (ETH), marking it as the largest single theft ever recorded.

Despite advances in security and tracking, Crystal research notes crypto-related crime figures in 2023 reached an all-time high with 286 reports of thefts worth more than USD 2.3 billion.

In the current year, 2024, the biggest theft recorded was a Playdapp security breach in South Korea, with criminals looting USD 290 million worth of ether.

Another significant defi hack occurred in the UK with Eulor Finance, where hackers made off with USD 197 million in ether. The United States emerged as the most targeted country, experiencing 20 incidents with total losses of USD 287 million.

As crypto continues to evolve, Crystal's report underscores the persistent vulnerability to complex cybercrime, signaling a critical need for increased security measures by both creators and users of crypto protocols.

As the level of sophistication and frequency of theft increases, the industry must prioritize developing stronger security solutions for centralized and decentralized platforms.

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