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The cryptocurrency market as a whole has not experienced its best PR in the last 12 months.After crypto exchange FTX has filed for bankruptcy in November, prompting calls for greater regulation in the sector. News like this is not the only source of bad news for the cryptocurrency industry.As the number of investors in this space grows, so does the amount of fraud they experience.
Crypto-fraud research detailed by coin journal, which shows how much it has grown year-over-year. This study looks at the impact of cryptocurrency fraud since early 2011.
2022 has emerged as the worst year for crypto fraud currently on record. 120 different incidents occurred during the year. This number is a 28% increase compared to 2021. Despite this alarming statistic, the total value lost across all incidents in 2022 was less than half of what it was in 2021.
According to CoinJournal, there will be 94 cryptocurrency scams in 2021. The total amount of lost funds reached $4.6 billion, the highest in a decade.
In 2011, the first year recorded, there were only eight incidents. The number of incidents fell below 20 each year until 2019 when he had 26. Statistics show a sharp increase over the last four years, highlighting the need for increased regulation and security in this area.
What are the most common types of attacks?
Decentralized finance (DeFi) breaches have become the most prevalent type of crypto attack since 2011, after 80 incidents in 2022 alone. These attacks will account for 66% of all incidents in 2022.
The total number of DeFi breaches since 2011 is 167. This represents 47.9% of all DeFi breaches in 2022.
Fraud is the second most common type of crypto attack, with 36 frauds in 2022. This type of attack has increased by over 140% since 2021. The biggest scam of 2022 alone was worth £53,940,000. Although they occur infrequently, more money is lost to fraud than any other type of crypto attack.
In all recorded years combined, more money has been lost or stolen to fraud than breaches and DeFi breaches combined.
What are the most endangered cryptocurrencies?
Binance Smart Chain (BSC) is the most stolen coin in 2022, with the currency stolen a total of 50 times. BSC is up 72% from 2021 when only 29 were stolen.
The second most stolen coin in 2022 is Ethereum (ETH), which has been lost 33 times. A total of 85 cryptocurrencies were stolen.
Bitcoin (BTC) has been the most stolen coin since 2011, with the cryptocurrency stolen in 94 cryptocurrency scams. BTC held onto the top spot, but throughout 2022 he only had his BTC stolen in three separate scams.
Where are cryptocurrency scams most targeted?
CoinJournal also investigated the countries with the most cryptocurrency fraud since 2011. With 13 hacks and breaches since records began, the United States remains the most targeted country. The latest event in the country took place in July 2020.When Hackers Gain Access to Verified twitter Created an account and launched a massive fake donation campaign.
There have been 11 hacks and breaches in the UK where cryptocurrencies were stolen. The highest of these was in November 2017, when a user had $155 million worth of his ETH locked after he accidentally used a contract vulnerability.
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