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Hackers stole over $4 Billion worth of Cryptocurrency in 2021: Crystal Blockchain

News In Brief Business and Economy

Hackers stole over $4 Billion worth of Cryptocurrency in 2021: Crystal Blockchain

News Synopsis

According to a report by Crystal Blockchain, the hackers have managed to get away with $4.25 billion worth of cryptocurrency in 2021. The amount of cryptocurrency theft was almost tripled if compared to the data of 2020.

The fastest-growing way to steal cryptocurrency this year was to hack the decentralised finances (Defi) protocols. The whole Defi hack accounted for $1.4 billion of the total crypto that was stolen this year. The report has said that this may have happened due to the new technology with a lot of vulnerabilities.

The biggest Defi breach to occur in 2021 was worth $610 million in cryptocurrencies by a hacker who was just trying to prove a point. The report has also mentioned that these attacks will continue to increase even after the company keeps on making better security systems. The hackers still manage to break the system. 

Other than these, with the increasing popularity of NFTs, bad actors came up with new and innovative ways to trick people to buy fake digital assets and invest in different scams.

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