Snynet Solution Logo
MON - SUN: 10 AM - 6 PM
+60 11 5624 8319

Blog

Blockchain hacks led to billions in losses last year

Image Description

In addition to coronavirus scams, cybercriminals also leveraged the pandemic to launch blockchain-related cyberattacks on unsuspecting users and organizations to steal billions last year.

Atlas VPN has released a new report revealing that blockchain hackers stole nearly $3.78bn in 122 attacks throughout 2020. In fact, the amount of blockchain-related attacks that occurred last year alone account for almost a third of all attacks targeting blockchain projects.

These figures are based on data provided from Slowmist Hacked which tracks and aggregates information regarding disclosed attacks aimed at 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 occurred in 2020.

The monetary losses from blockchain hacks were calculated based on conversion rates from January of this year, so the cybercriminals behind them may have actually even stolen more money than the amount reported by Slomist Hacked and AtlasVPN.

Blockchain targets

Ethereum (ETH) DApps or decentralized applications based on the Ethereum smart contract were the most frequently targeted blockchain project last year. In total, there were 47 successful attacks aimed at ETH Dapps in 2020 which costs victims around $436.36m or $9.28m per hack.

As cryptocurrencies such as Bitcoin saw a major resurgence last year, cryptocurrency exchanges experienced 28 breaches that together amounted to $300.15m in losses or $10.72m per hack.

Blockchain wallets, which are used to story cryptocurrencies, were also targeted by cybercriminals in 27 successful attacks that brought in $3.03bn or $112.12m per hack. Blockchains themselves were even affected by hacks in 2020 with 12 successful attacks launched at different blockchains and the cybercriminals responsible earned $5.91m or $492k per each breach.

As we begin the new year, expect hackers to continue targeting blockchains and cryptocurrencies since these attacks were so profitable for them in 2020.

Date

14 Jan 2021

Sources


Share


Other Blog

  • Web hosting specialist exposes massive data flaw in popular hotel management platform

    Sensitive data stored on a misconfigured AWS bucket has been exposed, leaving a huge number of hotel visitors at risk.

    Read More
  • Microsoft takes the fight to Chrome with improved password protection in Edge

    Microsoft's web browser will warn you about password leaks so you can take action quickly if your logins are compromised.

    Read More
  • Closing tabs in Chrome is getting much better on Android

    In a future release of Google's web browser on Android, you'll be able to avoid the mistake of closing all your tabs at once, thanks to an additional message box to confirm if you want to go ahead with it.

    Google Chrome is the most widely-used web browser app on Android, mainly due to it being pre-installed on the majority of Android smartphones. But there may be an occasion when you've got multiple tabs open at once.

    Some could be related to shopping, birthday ideas, or brainstorms for holidays in the summer for example. You may want to close all of these at once when you're finished.

    In Chrome Canary, the test version of Google's web browser, you can enable a flag that will display a message box to confirm if you want to close all your tabs at once. This will help prevent occasions where you accidently close all the browser tabs when you didn't mean to.

    How do you enable the message box confirmation?

    By going to chrome://flags when running Google Chrome Canary 100 on Android, there will be a 'Close all tabs modal dialog' option.

    Switching this on will make the message box appear when you're about to close all your tabs.

    This can be useful if you've found yourself having mistakenly closed all your open tabs, and having to go through your history to open the links again.

    This may sound like a very obvious feature, but if you mainly use Google Chrome on your phone as you're sharing links on social media and messaging apps, having all your tabs closed can be a huge annoyance.

    Sometimes the little things like this can make a big difference, so it's encouraging that Google has this ready to go in its development releases for now.

    Via XDA Developer

    Read More
  • Here's what Arm's next generation of chips will look like

    Arm hopes to ship over 300 billion devices powered by its new architecture.

    Read More

Find Out More About Us

Want to hire best people for your project? Look no further you came to the right place!

Contact Us