Blockchain hackers snatch $100m in Q1 2021

Category: Blockchain Crypto Regulatory

Since the beginning of 2021, over $100m in Blockchain projects has been stolen by hackers

Over $100m in blockchain projects has already been stolen this year by Blockchain hackers after a successful start to 2021.

Researchers from Atlas VPN discovered that cybercriminals stole around $108.3m from a variety of blockchain projects in the first quarter of 2021. This is a whopping 46% rise from the same period the year before. The team found Ethereum DApps, blockchain wallets, and cryptocurrency exchanges were the main targets for hackers.

DApps, the most targeted, was subject to five scams and eleven breaches during Q1 2021. From the $108.3m figure, more than $86m lost came from DApps.

Additionally, nine blockchain wallet breaches, one scam event and two blackmail cases amounted to a $19.3m loss.

Worryingly, experts are suggesting that more hacks are on the horizon. In a statement, Ruth Cizynski, the cybersecurity researcher and writer at Atlas VPN, shared:

Due to their nature, blockchain projects remain profitable targets to cybercriminals because fraudulent transactions cannot be reversed as they may be in the traditional financial system,

With cryptocurrencies continuing to boom, it is safe to say that we can expect more hacks to pour in by the end of this year.

Source: TechRadar Pro

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