Crypto hacks and scams have led to nearly $19 billion in losses, with the U.S. recording the highest number of incidents, according to Crystal Intelligence. While 2023 saw the most thefts annually, 2022 was the costliest year, with 199 incidents totaling nearly $42 billion.
Since 2011, there have been around 785 reported crypto theft incidents, including 220 security breaches and 345 decentralized protocol hacks. The U.S. alone faced almost $984 million in crypto thefts, followed by Hong Kong with $1.2 billion.
One standout feature is the shift in stolen funds’ destinations: in 2023, nearly 75% went to decentralized finance, unlike in 2020 when over 90% went to centralized exchanges. This highlights the evolving nature of crypto crime and its impact on the industry.
The long-term importance of these findings underscores the need for enhanced security measures and regulatory frameworks to protect the growing digital asset ecosystem.
