Blockchain hacks generated billions in losses last year

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• Blockchain hacks generated billions in losses last year

In addition to coronavirus scams, cybercriminals have also taken advantage of the pandemic to launch blockchain-related cyberattacks against unsuspecting users and organizations in order to steal billions in the past year. Atlas VPN released a new report revealing that nearly €3.78 billion was stolen by blockchain hackers in 122 attacks throughout 2020. In fact, the number of blockchain-related attacks that have occurred in the past year alone accounted for nearly a third of all attacks targeting blockchain projects. These figures are based on data provided by Slowmist Hacked, which tracks and aggregates information on disclosed attacks targeting blockchain projects, applications, and tokens. Blockchain scams are also included in this data and account for 13% of all blockchain hacking events occurring in 2020. Monetary losses due to blockchain hacks were calculated based on conversion rates for January of this year. year, so the cybercriminals behind them may have even stolen more money than the amount reported by Slomist Hacked and AtlasVPN.

Blockchain goals

Ethereum DApps (ETH) or decentralized applications based on the Ethereum smart contract were the most frequently targeted blockchain project last year. In total, there were 47 successful attacks targeting ETH Dapps in 2020, costing victims around €436,36 million or €9,28 million per attack. While cryptocurrencies like Bitcoin experienced a huge resurgence last year, cryptocurrency exchanges suffered 28 breaches that together amounted to €300.15 million in losses or €10.72 million from hacking. Blockchain wallets, which are used to identify cryptocurrencies, have also been targeted by cybercriminals in 27 successful attacks that netted €3.03 billion or €112.12 million per hack. Blockchains themselves were even affected by hackers in 2020 with 12 successful attacks launched on different blockchains and the cybercriminals responsible made €5.91 million or €492,000 per breach. As the new year begins, expect hackers to continue to target blockchain and cryptocurrencies because these attacks were very profitable for them in 2020.