PeckShield: 177 Blockchain Security Incidents in 2019, Causing USD 7.679 Billion Loss

Abstract : Blockchain security company PerckShield published 2019 annual report. The article themed as top 10 security incidents related to blockchain in 2019 shows that there were 177 blockchain related security incidents and caused a loss of USD 7.679 billion, 60% increased compared to the previous year.

ChainDD
ChainDD

Feb 13

Blockchain security company PerckShield published 2019 annual report. The article themed as top 10 security incidents related to blockchain in 2019 shows that there were 177 blockchain related security incidents and caused a loss of USD 7.679 billion, 60% increased compared to the previous year.

Over the past year, PeckShield noticed that:

1. Blockchain security becomes more important as the technology is applied in broader span, from stock exchange, digital wallets to DeFi. Activities related to money are facing higher risks of hacking.  

2. Developers pay more attention to blockchain security and attacks towards previous loopholes of DApp and smart contracts had been reduced. However, the improvement of blockchain safety pushes hackers to use various new ways for cyberattacks.

3. The reasons behind blockchain security crisis are more complicated. These loopholes could be the loss of private keys, backdoor programs, attacks on cold wallets or even the death of the founder. It is easy to debug on technical issues but hard to change dark sides of mankind.

4. Fraud on wealth management and inability to repay debt are more commonly seen in this field. Illicit activities such as crypto ponzi scheme coins, model coins and so-called air coins are increasing when criminals take advantage of the general public’s lack of knowledge in blockchain technology.

5. The cross-border asset flow of exchanges has become more frequent. As digital assets are more popular, the central role of cryptocurrency exchanges has become more prominent. The asset flow among different exchanges are not under supervision.

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