Summary:
A report from SlowMist reveals that over $30 billion in crypto has been hacked since 2012. The most common types of hacks are smart contract vulnerabilities, rug pulls, flash loan attacks, scams, and private key leaks. Exchange hacks accounted for the largest losses, with over $10 billion lost in the past decade. The number of hack events with over $1 billion lost peaked in the early 2010s and from 2019 to 2021. However, security incidents have been fewer since 2022. Notable early attacks include the 2014 Mt. Gox hack and the 2016 Bitfinex hack, both resulting in significant losses of BTC. Mt. Gox has since recovered some of the stolen BTC and is redistributing them to creditors.
Key Points:
– Over $30 billion in crypto has been hacked since 2012.
– The most common types of hacks are smart contract vulnerabilities, rug pulls, flash loan attacks, scams, and private key leaks.
– Exchange hacks accounted for over $10 billion in losses.
– Hack events with over $1 billion lost peaked in the early 2010s and from 2019 to 2021.
– Notable early attacks include the 2014 Mt. Gox hack and the 2016 Bitfinex hack, both resulting in significant losses of BTC.
Hot Take:
The staggering amount of money lost to crypto hacks highlights the need for increased security measures. While the number of security incidents has decreased in recent years, the threat is still significant. It is crucial for projects and users to prioritize security and take necessary precautions to protect their assets. The recovery efforts of Mt. Gox and the redistribution of stolen BTC to creditors demonstrate the ongoing impact and consequences of these hacks.
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