$8.5 Billion Have Been Lost Due To Blockchain-Related Hacks
December 2019 by PreciseSecurity.com
Almost $8.5 billion have been lost in blockchain and crypto-related hacks in the last years. This shows that the crypto industry still needs to improve its security standards and offer better solutions to clients. This is according to a recent report released by PreciseSecurity.com.
Hackers Harm The Blockchain and Crypto Industries
The blockchain and cryptocurrency industries have been trying to expand and grow in the last few years. However, one of the main challenges the industry had to face were related to a large number of attacks that affected exchanges, wallets, and decentralized applications, among other platforms.
The report shows that there are almost two attacks every three days in the space, making it very difficult for companies to expand and users to feel protected in the market. In general, investors and traders handle large amounts of money that seems not to be protected as it should.
This is also not good for larger and traditional investors that want to know their funds are safe at all times.
The report explains:
"Larger and traditional investors would not feel comfortable placing their funds in an industry that is attacked every single month and where vulnerabilities are very common."
The EOS network has been the most affected blockchain in the market with 114 hack events. Cryptocurrency exchanges have also been severely affected with 59 attacks experienced in the last few years. TRON (TRX) decentralized applications have also been attacked and affected.