Cryptocurrency Thefts on the Rise: Nearly $19 Billion Stolen Since 13 Years Ago

Bittime - The latest report by Crystal Intelligence shows an alarming picture of cryptocurrency security. The report revealed that nearly $19 billion in cryptocurrency had been stolen since 2011, highlighting the industry's ongoing struggle with cybercrime.

Many Cryptocurrency Theft Threats Occur

The report digs deeper, identifying different types of incidents that contribute to cryptocurrency theft. Here are the most common details:

• Security Breach (220 incidents): These incidents involved unauthorized access to cryptocurrency wallets or exchanges, often due to vulnerabilities in their systems.
• DeFi Hacks (345 incidents): Decentralized Finance ( DeFi) protocols have emerged as a major target for hackers, with vulnerabilities in smart contracts causing huge losses.
• Fraud Schemes (220 incidents): Social engineering scams and Ponzi schemes continue to plague the crypto space, tricking users into handing over their cryptocurrency.

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Biggest Thefts and Rising Trends

The report also identified the largest cryptocurrency theft ever recorded. In 2019, the Ponzi scheme PlusToken defrauded investors of $2.9 billion in cryptocurrency.

Additionally, the report shows an increasing trend of cryptocurrency theft. 2023 saw a record number of incidents (286 thefts), resulting in losses exceeding $2.3 billion.

Addressing Security Challenges

The Crystal Intelligence report findings serve as an important reminder of the security challenges faced by the cryptocurrency industry. As the space continues to grow and develop, strong security measures and user education are critical to fighting theft and building trust.

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How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via  Bittime .  Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor price chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Regarding Airdrop Scams in Crypto and How to Anticipate Them

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Large-Scale Crypto Fraud: Rug Pulls Target Thousands of Victims

DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.