Cryptocurrency has been a topic of debate in the financial world since the launch of Bitcoin in 2009. While it has the potential to revolutionize the financial industry, it has also given rise to various types of cybercrime.
Cryptocurrency-related crimes have been increasing in frequency and sophistication, leading to significant financial losses for individuals and businesses worldwide. This report aims to provide an overview of cryptocurrency-related crime from 2012-2022, covering money lost, types of crime, targeted countries, and future trends.
Money Lost: In 2022, crypto crime hit an all-time high of $12 billion stolen in 436 incidents. This is equivalent to $1.4 million lost every hour last year due to crypto-related crime. All crypto stolen in the last decade was $30,019,892,161. That’s 30 times the UN’s earthquake appeal for Turkey, 20 times the cost of building the World’s Tallest Building, and 18 times Google’s Youtube acquisition. The top three types of crypto crimes are theft, fraud, and hacking.
Targeted Countries: The US has been the most targeted by cryptocurrency hackers, followed by Japan, South Korea, and China. However, Turkey lost the most dollars to crypto crime due to large-scale Ponzi schemes and exit scams, which accounted for the majority of losses. Other countries that have been targeted include Russia, Ukraine, India, and the United Kingdom.
Dangerous Months: June is the most dangerous month for crypto investing, with 77 crypto crime incidents and $5.7 billion stolen in the last ten years. This can be attributed to the influx of new investors and the high volatility of the crypto market during this time.
Future Trends: 2023 has the potential to reach a new all-time high, with more than $16 billion lost due to crypto crime. By 2025, this figure could reach nearly $20 billion. One emerging trend is the use of decentralized finance (DeFi) platforms, which are becoming increasingly popular among cryptocurrency users. DeFi platforms allow users to lend and borrow cryptocurrency without the need for a centralized intermediary. However, they are also vulnerable to various types of attacks, including smart contract exploits and rug pulls. As DeFi continues to grow in popularity, it is likely to become a major target for cybercriminals.
Cryptocurrency-related crime has been a major issue in the financial industry since the launch of Bitcoin in 2009. The total amount lost due to cryptocurrency-related crime from 2012-2022 is estimated to be over $30 billion, with theft, fraud, and hacking being the most common types of crime. The US has been the most targeted by cryptocurrency hackers, but Turkey lost the most dollars to crypto crime.
As cryptocurrency adoption continues to grow, it is likely that cryptocurrency-related crime will also increase in frequency and sophistication. It is crucial for individuals and businesses to take steps to protect their cryptocurrency holdings from cybercriminals.
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