In the field of encryption, encryption hacking and fraud are nothing new, but every time they happen, they still impact investors. Especially the victims of these attacks. Bull markets always seem to be accompanied by more and more attacks. Therefore, with the bull market raging for most of the year, even though it has just entered the ninth month of this year, 2021 will definitely be under quite a lot of attacks.
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These attacks have accelerated with the recent surge in encryption. Prices have risen across the board, which seems to be a hint for the attackers to strengthen their business. This may be partly due to the high price of cryptocurrencies that have brought higher returns for their attacks. Regardless of the situation, the number of attacks in 2021 has increased, and data shows that the number of attacks this year is likely to exceed last year’s record.
Crypto attacks accelerated in 2021
Previously, encryption hackers and scams reached a record number in 2020. A total of 32 cases were discovered in 2020, which is the year with the largest number of hacking and fraud incidents in the crypto market. In just 8 months, 32 hacking and fraud cases have been confirmed in 2021. There are still 6 months to go and the bull market is raging, and more such attacks are expected before the end of the year.
According to the analysis from 2017, the number of violations has continued to increase every year since 2017. Encryption header. 2017 marked the beginning of one of the most memorable bull markets in the crypto space. Therefore, it is not surprising that the number of attacks has soared over the previous year. In 2016, there were only 5 confirmed cases of encryption hacking and fraud. But this number jumped to 21 in 2017 in the second year.
With four months to go, DeFi exploits are still increasing, and the number of attacks in 2021 is likely to exceed 38. These hacking attacks and vulnerabilities are becoming more complicated. Attackers are now developing tools to make their attacks more difficult to capture and track.
The 2017 attack took away the biggest spoils
On average, in 2017 alone, attackers lost an average of $223.5 million. A total of 21 attacks occurred throughout the year, and the balance stolen in encryption hacking and fraud was US$4.7 billion. Set a record for the highest amount stolen in a single year.
Despite the high number of attacks, the total of 38 confirmed cases in 2020 is approximately US$1.8 billion. This number has exceeded at least 1 billion in 2021. So far, the value of 32 joint attacks in 2021 is $2.9. The amount of Poly Network attacks that occurred this year amounted to 610 million U.S. dollars. Make it the largest DeFi robbery in history.
These attacks are mainly focused on the top tokens in the crypto market. By the way, these tokens also provide the most liquidity. Approximately one-third of the violations targeted the leading cryptocurrency Bitcoin. Ethereum ranks second with 12.8%. Unknown tokens account for approximately 9.2%, while the target rate for ERC-20 tokens is 7.4%.
Total crypto market cap now trading at $2.29 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from iStock, chart from TradingView.com