Blockchain: Users Lose $ 100 Million in Fraud During 2021


Blockchain: Cybercriminals stole about $ 108.3 million (R $ 586.37 million, on conversion of the day) from users of the blockchain system during the first half of 2021. According to information from analyst firm Atlas VPN, this represents an increase of 46 % in relation to the amount obtained in the same period last year.

In its study, the company also highlighted the most used means of theft. Among them are DApps (decentralized applications built on the Ethereum network), cryptocurrency wallets and transaction accounts.

Cybercrimes: the most used means

As the source notes, the most popular target is DApps, who suffered eleven security breaches and five frauds during the first six months of the year, yielding a trifle of $ 86 million (R $ 465.63 million) for criminals.

Nine breaches of cryptocurrency wallets were reported, in addition to fraud and two cases of blackmail, which generated a loss of US $ 19.3 million (R $ 104.50 million) for the victims. In the transaction accounts, in turn, five frauds were recorded in total, through which criminals obtained US $ 2.9 million (R $ 15.70 million).

More crimes in 2021

In 2020, the first drop in the number of blockchain-related crimes of the decade was recorded. Despite this, the results seen in 2021 indicate a worsening in the scenario that, as experts indicate, tends to continue. Only the first half of the year was marked by the occurrence of 33 fraud involving blockchain, which indicates an increase of 154% year on year, according to the company Atlas VPN.

“Due to their nature, blockchain projects continue to be profitable targets for cybercriminals because fraudulent transactions cannot be reversed as in the traditional financial system,” commented Atlas VPN cybersecurity researcher Ruth Cizynski. “With cryptocurrencies continuing to grow, it is safe to say that we can expect more fraud to happen by the end of this year,” she concluded.


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