Cryptos Worth $1.89bn Stolen in Nine Months – Report

Cryptocurrencies worth $1.89 billion were stolen in the first nine months of this year in 297 hack attacks, according to a new report by The Money Mongers.

“That is $289,000 lost every hour due to crypto hacks this year,” the report said.

It said in 2022, crypto hacks reached an all-time high of $3.5 billion stolen in 284 heist incidents.

Crypto companies and exchanges have lost a total amount of $12.36 billion in 1,207 incidents since 2011 to till date, the report said.

“There is also a significant rise in DeFi or decentralised finance hacks – the number stands at 93 and 76 for 2022 and 2023, respectively, leading to a collective loss of $1.12 billion,” it said.

Contract vulnerability and flash loan attacks are two common hacks, leading to a cumulative loss of $2.75 billion since 2011, according to the report.