Technology

Crypto hacks are declining in numbers but increasing in damage

Cryptocurrency hacks have been significantly decreasing in numbers since the beginning of the year. According to the latest research from BestBrokers, the industry saw 64 security breaches by mid-June — a sharp decline from last year’s 251 hacks. However, while the number of successful hacks has been decreasing, the damage they’ve done to the industry certainly hasn’t. Data has shown that the average amount stolen per crypto hack has increased by 206% compared to the 2021 average. According to research shared with CryptoSlate, 2021 saw 251 hacks in total that amounted to around $3.2 billion stolen in crypto. This year, as of mid-June, the industry saw around $1.7 billion stolen in just 65 security breaches. “Even though the number of crypto-related hacks is dropping sharply in 2022, this is not affecting the total dollar amounts stolen, in spite of the dropping crypto prices this year,” the report said. The latest data from Chainalysis showed that the average amount stolen per crypto hack this year is $26.6 million — a 206% increase compared to the 2021 average of $12.9 million. This number becomes even higher compared to the 2020 average of $4.7 million stolen per hack, representing a 465.9% increase.

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