The cryptocurrency industry has faced a staggering $19 billion in losses due to hacks and exploits over the past 13 years, with a record $2.9 billion stolen in the infamous 2019 Plus Token fraud, marking the largest single crypto theft to date.

According to insights from a Crystal Intelligence report shared with Cointelegraph, a total of 785 reported hacks and exploits have plagued the crypto space since June 19, 2011, when the first known crypto hack was documented.

The 2019 Plus Token fraud remains unparalleled as attackers raked in $2.9 billion worth of Bitcoin and Ether, constituting the largest single crypto theft in history. However, recent years have witnessed significant breaches as well, with the PlayDapp security breach in February 2024 resulting in a $290 million loss, marking the largest single crypto heist in recent times.

Notably, fraudulent schemes have also seen substantial losses, with the JPEX investment scam in Hong Kong resulting in a staggering $194.3 million of stolen crypto during the same period.

Despite efforts to bolster security measures, crypto hacks continue to pose a significant challenge to mainstream trust and adoption. In 2024 alone, the first quarter witnessed a surge in stolen funds, totaling $542.7 million, representing a 42% increase compared to the same period in 2023.

While 2023 saw the highest number of reported crypto-related hacks, it was 2022 that earned the title of the "deadliest year by value," with 286 exploits resulting in over $2.3 billion worth of assets being stolen digitally. However, the total value of assets stolen in 2022 amounted to $4.2 billion, nearly double that of 2023, despite a lower number of incidents.

The rise of decentralized finance (DeFi) has introduced its own set of challenges, with over 112 DeFi hacks reported in 2023 alone, resulting in $835 million of stolen cryptocurrency. Notably, the largest single DeFi hack, the Euler Finance hack, saw $197 million worth of stolen Ether tokens.

As the crypto industry grapples with security vulnerabilities, addressing these challenges remains paramount to fostering mainstream trust and driving widespread adoption.