83% of crypto investors face fraud and hacking

A recent survey by Chainplay and Storible revealed that 83% of crypto investors have been fraudulent or hacked at least once, with an average loss of $2,622 per victim. Exchange Hacks costs over $27 billion, highlighting the persistent security risks of the crypto market.

Crypto fraud on the rise: Investors lose billions due to hacking and fraud

According to a new study from Chainplay and Storible, 83% of crypto investors were victims of fraud and hacking. A survey of 2,101 investors and an analysis of 444 projects highlight the scale of financial losses and security vulnerabilities in the crypto sector.

On average, victims lost $2,622 per incident in the most common scams that included social media spoofing (34%), exchange hacks (21%) and phishing attacks (19%).

Surprisingly, despite the fact that crypto exchange hacks resulted in more than $27 billion in losses and DEX is more frequently targeted, Centralized Exchange (CEXS) faces 27 times the losses of Decentralized Exchange (DEXS). Further research revealed that each major crypto project faces an average of eight phishing sites and seven fake X (Twitter) accounts, demonstrating the sophisticated tactics used by scammers.

The report highlights the urgent need for stronger security measures, regulatory oversight and investor education. As crypto adoption grows, ensuring protection against fraud and cyber threats remains a critical challenge for the industry.