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Crypto Crime Topped $10 Billion in 2021: Document

Crypto Crime Topped $10 Billion in 2021: Document

Key Takeaways

  • ImmuneFi reported that $10.2 billion in theft and frauds affected the crypto alternate over the route of 2021.
  • $7.55 billion used to be stolen via insider rug pulls, while $2.66 billion used to be stolen via out of doorways hacks concentrated on diverse platforms.
  • Similar reviews from Chainalysis and Elliptic help those numbers.

DeFi security firm ImmuneFi has revealed a describe suggesting that $10.2 billion used to be stolen via crypto attacks closing year. The describe corroborates diversified identical reviews launched in contemporary weeks.

$7.5 Billion Used to be Stolen by Insiders

ImmuneFi surveyed diverse incidents and sure that a entire of $10.2 billion used to be stolen over the route of 2021.

The funds were stolen via two main solutions: out of doorways attacks attributable to platform vulnerabilities and alleged insider fraud.

$7.55 billion used to be stolen in just a few principal incidents of alleged insider fraud, primarily exciting rug pulls from mission founders. ImmuneFi drew attention to Africrypt, a South African alternate that saw its founders vanish with $3.5 billion in June. It also seen $2 billion stolen from the Turkish alternate Thodex.

The firm also highlighted three rug pulls from Binance Tidy Chain projects: Meerkat Finance, whose founders stole $31 million; Popcornswap, whose founders stole $2.1 million; and in the end the contaminated Squid Game token, whose founders stole $12 million.

Over $2 Billion Used to be Stolen Thru Hacks

But any other $2.66 billion used to be stolen via vulnerabilities that left diverse platforms delivery to out of doorways attacks and thefts.

In this category, the losses were disbursed between over 130 attacks. Famous attacks targeted Venus Community, Bitmart, Cream Finance, Finiko, BadgerDAO, and BXH. Every of those projects saw $100 million to $200 million stolen from its holdings.

ImmuneFi renowned that Poly Community, which had $613 million stolen from it in June, had most of those funds returned to it.

Various Experiences Verify Figures

Chainalysis reported identical figures this week. It commended that $14 billion of illicit crypto funds were moved closing year, despite the indisputable reality that it skipped over some incidents that ImmuneFi integrated while also retaining extra categories corresponding to ransomware and darknet markets.

This week’s describe also comes months after a identical describe from the crypto analytics firm Elliptic. That describe commended that $10.5 billion used to be stolen via DeFi attacks in 2021.

ImmuneFi also reported that $3.8 billion to $4.38 billion used to be stolen in 2020, suggesting that crypto crime rose drastically over the route of 2021 when compared with the outdated year. Nonetheless, also per Chainalysis, given the amplify in sequence of transactions over 2021, the proportion of transactions representing illicit assignment used to be simplest 0.15%, a decline from 2020, despite the upward thrust in staunch numbers.

Disclosure: On the time of writing, the creator of this portion owned BTC, ETH, and diversified cryptocurrencies.

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