Centralized exchanges lost nearly $11B to hackers over the past decade

Jul. 7, 2023

By Assad Jafri

Exchanges have suffered 118 hacks during the time period. The two largest hacks took place in 2021 and account for almost $5 billion of the total.

The crypto industry has lost slightly more than $30 billion to hackers since 2012, with over 30% of that ($10.95 billion) stolen from centralized exchanges, as revealed by research conducted by blockchain security firm SlowMist.

The security firm reported that between 2012 and 2023, these exchanges endured 118 hacks, with the two most significant ones occurring in 2021 and representing almost $5 billion of the overall losses.

The data also indicates that the majority of large-scale hacks took place during bullish market cycles.

In comparison, hackers have managed to extract less than $1 billion directly from blockchain networks and cryptocurrency wallets during this period. Hot wallets alone have suffered losses amounting to $408.9 million, whereas blockchain networks have lost a relatively smaller sum of $207.2 million to malicious actors.

The non-fungible token (NFT) sector has incurred losses amounting to $200 million, primarily due to phishing links and social engineering scams.

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