Blockchain Hackers Fleece Victims of $3.8b in 122 Attacks

Atlas VPN team found that blockchain hackers stole nearly $3.78 billion in 122 attacks throughout 2020.

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Blockchain-linked attacks that happened last year alone account for almost a third (33%) of all time hacks aimed at blockchain projects.

Ethereum (ETH) DApps were the most frequently breached blockchain target. In 2020 alone, there were 47 successful attacks aimed at ETH DApps, which cost victims around $436.36 million or $9.28 million per hack.

Cryptocurrency exchanges were also highly targeted last year. In 2020, there were 28 cryptocurrency exchange breaches, which together amounted to $300.15 million in losses or approximately $10.72 million per hack.

Blockchain wallets occupy the third spot in the list. Last year, hackers launched 27 successful attacks aimed at crypto wallets, netting $3.03 billion or around $112.12 million per hack.

The nature of blockchain wallets makes them the most profitable target to cybercriminals.

In 2020, blockchain-related hacks dropped for the first time in the last five years. The year 2019 saw 133 coordinated attacks targeting various blockchain platforms, apps, and tokens.

In 2020, the number decreased by 8% to 122. While the drop is not very significant, it still indicates an overall decline in blockchain-related hacks.

When it comes to this year, in January, two successful attacks, as well as one blackmail case involving cryptocurrency, have already been reported.

Nevertheless, the numbers are not near the ones recorded in the record-breaking year of 2019, when 31 attack took place in January alone.

Rachel Welch, COO of Atlas VPN, sharing her insights for the year ahead said,“It is hard to say what the future holds for the blockchain in terms of security. However, the blockchain-related breaches may continue to decline in 2021.”

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