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The Amount of Crypto That Was Stolen in the Past Decade Will Shock You

Crypto has quickly become something that people have started to refer to as the future of finance in general because of the fact that this is the sort of tech that could potentially end up decentralizing things quite a bit in that regard. Many investors are also storing quite a few of their assets in crypto, but there have been several instances of crypto being stolen.

With all of that having been said and now out of the way, it is important to note that a general lack of security in DeFi transactions has resulted in over $12 billion in crypto having been stolen this past decade, as reported by CrystalBlockChain. That’s a pretty sizeable amount with all things having been considered and taken into account, and it might give some people pause before they decide to invest all of their hard earned money into something that could very well be stolen.

About 40% of these stolen funds were directly linked to fraudulent exchanges. As crypto started to increase in popularity, quite a few crypto exchanges came about which claimed to provide easy transaction potential. However, suffice it to say that many of these exchanges were just trying to earn a quick buck as can be seen in the over $5 billion in losses that occurred because of their practices as well as the number of people that got defrauded by them.

Another thing to note here is that the remaining 60% of losses were caused by hacks. This just goes to show how much more work needs to be done before crypto can become truly secure. Exchanges and the like have to start bolstering their security systems and users need to be extremely careful while making any types of transactions at all since you never know when things might just start to go awry and it might be too late to do anything after the fact.


Read next: 2021 Saw Record Breaking Number of Double Extortion Ransomware Attacks

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