The cryptocurrency market has been plagued by security issues for over a decade, with a staggering $19 billion stolen in various attacks. A recent report by Crystal Intelligence sheds light on this alarming trend, highlighting the persistent vulnerabilities in the Blockchain world.

Report Highlights Alarming Trends

The report documents 785 cryptocurrency attacks, including 220 hacks, 345 DeFi attacks, and 220 fraud schemes. The most significant attack to date was the 2019 Plus Token Ponzi scheme, which resulted in a staggering loss of $2.9 billion. Last year saw a record number of attacks, with 286 incidents resulting in losses exceeding $2.3 billion.

Ethereum and BNB Smart Chain Targeted

Ethereum emerged as the primary target for attacks, with 131 incidents resulting in losses of approximately $1.3 billion over two years. The BNB Smart Chain followed closely, with 100 attacks leading to losses exceeding $186 million. These figures underscore the security vulnerabilities in popular Blockchain networks.

Ongoing Struggle for Security

Despite advancements in monitoring and reporting, the measures taken have been insufficient to curb the rising trend of attacks. The report indicates that the trend shows no signs of slowing down, with notable attacks occurring even after March 2024. The struggle to protect cryptocurrencies continues, with companies like DMM Bitcoin pledging to increase capital to cover user losses.

Conclusion

In conclusion, the cryptocurrency market's 13-year security struggle has resulted in staggering losses. The report highlights the need for advanced security protocols to protect Blockchain networks and ensure the safety of users' assets. As the market continues to evolve, it is crucial to address these vulnerabilities and develop effective solutions to prevent future attacks.