close
Monday, August 28, 2023

Over $10 billion stolen from victims worldwide in cryptocurrency scams: Report

It went on to say that almost $730 million was lost to crypto security vulnerabilities in August 2021 alone.

• August 28, 2023
cryptocurrency
A picture of cryptocurrency used to illustrate the story

Crypto scammers and hackers have stolen over $10 billion from dealers worldwide to date, according to a new report by a data analysis firm on blockchain technology.

AltIndex.com, which produced the report, said the high number of crypto heists worldwide comes against the backdrop of a major fall in criminal activity in the crypto economy in 2023.

According to the estimate, more than $3.5 billion in cryptos was stolen in 2022, making it the worst year for crypto heists in the market’s history.

AltIndex said the overall value of stolen cryptos surged eightfold during the period, rising from around $324 million to a startling $2.7 billion.

It went on to say that almost $730 million was lost to crypto security vulnerabilities in August 2021 alone. 

The report revealed that an individual stole $610 million of this total in a Poly Network robbery, the second-largest crypto breach.

“Cryptocurrency heists took off in the last six years, going from only 15 hacks reported in 2017 to 136 in 2021, according to Comparitech data. The total value of stolen cryptos increased eight times in this period, jumping from roughly $324 million to a shocking $2.7 billion. In August 2021 alone, nearly $730 million were lost to crypto security threats. 

“Of this amount, $610 million was stolen by an individual in a Poly Network heist, which ended up being the second-largest crypto hack. However, last year, crypto crime exploded with crypto scammers and hackers taking more money than in 2019, 2020, and 2021 combined,” it said. 

Due to the risks bitcoin pose to investments and the economy as a whole, the federal government has restricted commercial banks and other financial institutions from transacting with it.

Despite the steps, there have been instances of criminals using digital or virtual currencies, such as Bitcoin and Ethereum, to launder revenues from corruption, fraud, drug trafficking, and other horrific crimes.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

NSCDC officers

Abuja

NSCDC arrests 20 scavengers operating at night in FCT

According to him, the command is dedicated to safeguarding the integrity of critical national assets and infrastructure in all areas of the FCT.

Drone shot down (Credit: Guardian)

World

Moscow shoots down drones, cruise missile over Crimea

The minister added that a cruise missile was destroyed over the Black Sea off the Crimean coast.

Miyetti Allah

NationWide

Miyetti Allah urges FG to set up national reconciliation commission

The group made the appeal in a communique issued at the end of its annual general meeting and delegates conference in Abuja on Monday.

Malian football federation (Femafoot) (Credit: PNG)

Africa

Candidate set to be re-elected as Malian FA president from prison cell

He became the only candidate for the federation’s top seat after three other candidates failed to pass an eligibility test.

President Bola Tinubu and NASS

NationWide

Tinubu working to stop NASS from forcing multibillion-dollar projects on MDAs: Presidency

Mr Ngelale further explained that “off the books” pointed clearly to budget padding and shady deals by the legislators.

Bright Edafe

States

Police nab hoodlums terrorising Warri, recover weapons

He added that effort was on to identify and apprehend the hoodlums.