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SlowMist’s report: blockchain hacks swipe over $30 billion from crypto sector

Roundup 2022 ‘mega crypto hacks

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TL;DR

  • Shockingly, $30 billion has been lost from the blockchain sector due to 1,101 hacking incidents. 
  • The Exchange sector is the most affected in the industry, with losses of almost $10.95 billion stemming from 118 incidents.
  • Ethereum and the Binance Smart Chain Ecosystem have also been majorly impacted, with losses totaling $3.12 billion and $10.95 billion, respectively.

A staggering $30 billion has vanished from blockchains, according to the latest statistics from the SlowMist research. Hence, these figures indicate a pressing need to address security concerns in the rapidly growing blockchain and cryptocurrency sector.

The report contains a detailed account of 1,101 hacking incidents. Significantly, it pinpoints the industry’s inherent weaknesses that need urgent attention. Moreover, the data highlights the losses sustained by each sector, split by category, thus emphasizing the severity of these security breaches.

The Exchange sector leads in losses, with almost $10.95 billion missing from its coffers. Shockingly, this was due to only 118 incidents. Consequently, the Exchange sector emerges as the most affected in the industry.

The Ethereum (ETH) Ecosystem is next in line, with losses surpassing $3.12 billion. These losses stem from 217 security breaches throughout its lifetime. Hence, this underlines the pressing need for stringent security measures.

The Binance Smart Chain (BSC) Ecosystem and the Other categories are major victims. Together, they have faced 346 incidents that led to significant financial setbacks. Specifically, the BSC Ecosystem lost $10.95 billion, while the Other category recorded $1.45 billion in losses.

However, the surge in security breaches isn’t limited to cryptocurrencies alone. Indeed, the increasingly popular Non-Fungible Token (NFT) market has also felt the impact. The report identifies 85 instances in this sector, with losses nearing the $200 million mark.

Additionally, these figures underline the susceptibility of various blockchain environments. For instance, the EOS Ecosystem has suffered 119 incidents, leading to approximately $25.9 million loss. This loss underscores the vulnerability of EOS, calling for improved security frameworks.

This report is a stark reminder of the blockchain and cryptocurrency industry’s persistent security hurdles. As the sector grows, it must also grapple with escalating security demands. Therefore, the need for stringent security measures is more significant than ever.

However, these alarming figures can also be seen as an opportunity, especially for organizations focusing on data security in blockchain and cryptocurrencies. Demand for advanced security solutions will inevitably increase as the industry works towards mitigating these security risks.

The report issued by SlowMist Hacked is a clear wake-up call. It provides valuable insight into the blockchain and cryptocurrency industry’s ongoing security struggles. As a result, it pushes the sector to prioritize security in its future growth plans.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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