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Cryptocurrency hacks have been greatly reducing in numbers since the beginning of this year. According to new research from BestBrokers, the industry witnessed 64 security breaches by mid-June, a sharp plunge from last year’s 251 hacks. Moreover, while the number of successful hacks has been declining, the damage they’ve done to the industry has not. Data has indicated that the average amount stolen per crypto hack has grown by 206% compared to the 2021 average.
A research shared with CryptoSlate in 2021 witnessed 251 hacks overall that totaled up to around $3.2 billion stolen in crypto. This year as of mid-June, the industry saw around $1.7 billion stolen in just 65 security violations.
“Even though the number of crypto-related hacks is dropping sharply in 2022, this is not affecting the total dollar amounts stolen, in spite of the dropping crypto prices this year,” according to the report.
The newest data from a trusted source indicated that the average amount stolen per crypto hack this year is $26.6 million, which is a 206% increase compared to the 2021 average of $12.9 million. This number increased compared to the 2020 average of $4.7 million stolen per hack, depicting a 465.9% increase.
Robert Hoffmann, a cryptocurrency analyst at BestBrokers, stated that DeFi had become the main aim for hackers because of a great amount of venture capital money that has been put into the market. The market’s competitive nature indicates that protocols that start first will have the highest chance of success.