The cryptocurrency and non-fungible token (NFT) heists have flourished, leaving investors grappling with losses that have surpassed a staggering USD $26 billion to date. While existing trackers focus on crypto and NFT heists, a new frontier has emerged: one that encompasses insider jobs, Ponzi schemes, and intricate scams.

According to the data recently released by Comparitech, the influx of stolen funds dwindled in 2023, signaling a potential reduction in cybercriminal activities. Despite this, the cumulative sum of stolen funds continues to rise. However, it is lower compared to 2022, which witnessed an unprecedented wave of crypto heists, with hackers pocketing over USD $3.5 billion in ill-gotten gains.

Rising Hybrid Scams

Besides that, the number of reported scams and rug pulls has skyrocketed over the years. From a mere ten incidents reported in 2017, the number jumped to 364 in 2022 and currently stands at 162 for 2023. Although the value dropped from USD $4.3 billion to USD $1.2 billion in this period, it peaked in 2021, reaching a staggering USD $8.4 billion.

However, the amount of

losses has steadily declined in 2023. According to a report by , the amount lost to crypto hacks and exploits in the second quarter . This

compares to USD $715 million lost during the same period of the previous year.

While the overall landscape is showing signs of improvement, one concerning trend is emerging: the surge in exit scams. According to a report by Certik, these scams, characterized by individuals or entities launching crypto projects, accumulating value, and then vanishing, doubled in impact during the second quarter of the year.

Additionally, by breaking down the data, it becomes evident that certain blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term platforms are disproportionally affected by securities incidents. BNB Chain, for instance, recorded over 100 security violations, resulting in losses totaling USD $71 million. Ethereum saw 55 incidents culminating in USD $66 million in losses, while Polygon faced four cases, leading to approximately USD $2.4 million in losses.

Exit Scams and Exploits

Amid the concerns of hacks and exploits within blockchains, the pioneering network, Bitcoin, has remained resilient. According to a report by Finance Magnates, Bitcoin’s decentralization, proof-of-work consensus, and the immutability Immutability Immutability is defined as the ability of a blockchain ledger to remain unchanged or unaltered. This extends to the integrity of the data in the blockchain and is overall state.To better understand this concept, one has to consider the overall structure of a blockchain. Each block of information, i.e. facts or transaction details, proceed using a hash value. This hash value consists of an alphanumeric string generated by each block separately. Each and every block not only contains a hash or dig Immutability is defined as the ability of a blockchain ledger to remain unchanged or unaltered. This extends to the integrity of the data in the blockchain and is overall state.To better understand this concept, one has to consider the overall structure of a blockchain. Each block of information, i.e. facts or transaction details, proceed using a hash value. This hash value consists of an alphanumeric string generated by each block separately. Each and every block not only contains a hash or dig Read this Term of the blockchain have enabled it to weather the storms of hacking attacks.

In July, crypto hacks

and exploits surged to unprecedented heights, culminating in losses surpassing

USD $300 million. The highest amount of losses were reported on Multichain, a

blockchain bridging platform, which lost USD $125 million from exploits.

As of July, exploits, exit scams, and flash loan attacks had drained USD $580 million, USD $123 million, and USD $255 million, respectively, year-to-date. In sum, the cumulative losses from hacks and exploits from the beginning of the year to July have surged to USD $961 million.