Blockchain hacks led to billions in losses last year
In addition to coronavirus scams, cyber criminals also took advantage of the pandemic to launch blockchain-related cyber attacks on unsuspecting users and organizations to steal billions last year.
Atlas VPN has one new report revealing that blockchain hackers stole nearly $ 3.78 billion in 122 attacks in 2020. In fact, the number of blockchain-related attacks that happened last year alone accounts for nearly a third of all attacks targeting blockchain projects.
These numbers are based on data from Slowmist Hacked, which tracks and collects information about revealed attacks targeting blockchain projects, apps and tokens. Blockchain scams are also included in this data and they made up 13 percent of all blockchain hacking events that happened in 2020.
Blockchain hack money losses were calculated based on conversion rates from January of this year, so the cyber criminals behind it may have stolen even more money than the amount reported by Slomist Hacked and AtlasVPN.
Blockchain goals
Ethereum (ETH) DApps or decentralized applications based on the Ethereum smart contract were the most targeted blockchain project last year. In total, there were 47 successful attacks targeting ETH Dapps in 2020, costing victims approximately $ 436.36 million or $ 9.28 million per hack.
While cryptocurrencies such as Bitcoin experienced a major resurgence last year, cryptocurrency exchanges experienced 28 breaches that totaled $ 300.15 million in losses or $ 10.72 million per hack.
Blockchain wallets, used to recover cryptocurrencies, were also targeted by cyber criminals in 27 successful attacks that grossed $ 3.03 billion or $ 112.12 million per hack. In fact, blockchains themselves were hit by hacks in 2020 with 12 successful attacks carried out on various blockchains and the cyber criminals responsible made $ 5.91 million or $ 492,000 per each breach.
At the start of the new year, expect hackers to continue targeting blockchains and cryptocurrencies as these attacks were so profitable for them in 2020.