The world lost a whopping $8.5 billion due to blockchain and crypto-related hacking incidents, online security firm PreciseSecurity said in a report.
The report highlights the need to improve and upgrade the security standards of the crypto industry under heightened threats and attacks that affected exchanges, wallets, and decentralized applications, among other platforms.
The report shows that that the industry faces nearly two to three daily attacks, making it difficult for companies to expand and users to feel protected in the market.
“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,” said the online security firm.
Most of the attacks took place on the EOS network with 114 hack events, adds the report. 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.
On November 21, 2019, hackers launched a trade rollback attack on TRON’s Dice decentralized application (dApp) that generated a loss for the platform of 18,808 TRX.
Similarly, cryptocurrency exchange Upbit was affected by a hack in which they lost 342,000 ETH worth $50 million.
