A cryptocurrency hack is a cyberattack in which a hacker gets unauthorized access to a cryptocurrency exchange, wallet, or another digital asset platform intending to steal cryptocurrencies or other digital assets. The crypto hacker may use phishing, malware, social engineering, or attack weaknesses in the platform’s security to get access. According to statistics, the total amount of bitcoin stolen in 2019 through cyberattacks was about $292.7 million. The reported total amount stolen from crypto attacks in 2020 was roughly $3.0 billion. Several high-profile crypto attacks occurred in 2021, including the $600 million Poly Network hack and the $120 million hack of the DeFi network EasyFi. According to a quarterly study by blockchain security company CertiK, hackers accessed approximately $320 million via on-chain data consolidation in the first quarter of 2023. The losses, however, were much smaller when compared to the first and fourth quarters of 2022, when hackers stole around $1.3 billion and $950 million, respectively. 90 exit scam instances resulted in over $31 million in losses, while 52 flash loan and oracle manipulation attacks resulted in over $222 million in damages. CertiK said that BNB Chain had the most issues in the quarter, with 139, while Ethereum lost the most money in the first quarter of 2023, with $221 million, despite having fewer accidents. Several high-profile attacks have occurred in the cryptocurrency business throughout the years, with the reported total amount taken from crypto hacks climbing dramatically in 2020. However, there are indicators that the business is growing safer. According to a survey by blockchain security company CertiK, hackers got access to approximately $320 million in the first quarter of 2023.
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