A new report from Global Ledger highlights the alarming speed at which hackers withdraw stolen funds as the primary challenge facing the cryptocurrency industry. According to analysts, cybercriminals stole $3 billion across 119 hacks in the first half of the year, a figure 1.5 times higher than the total losses suffered by the crypto sector throughout the entire previous year.
In 84% of cases, security systems detected breaches on the same day they occurred. However, this rapid detection proved insufficient, as in 68% of attacks, stolen funds were moved before companies even identified the hack.
The report notes a record-breaking transfer speed of just 4 seconds, with the average time from attack to initial fund movement being 15 hours. Public disclosure of breaches, on the other hand, typically takes 37 hours. This leaves cybercriminals with a window of over 20 hours to cover their tracks, exacerbating the challenge of recovering stolen assets.
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The findings underscore the urgent need for enhanced security measures and faster response mechanisms to combat the growing sophistication of crypto-related cybercrime.
Author: Slava Vasipenok
Founder and CEO of QUASA (quasa.io) - Daily insights on Web3, AI, Crypto, and Freelance. Stay updated on finance, technology trends, and creator tools - with sources and real value.
Innovative entrepreneur with over 20 years of experience in IT, fintech, and blockchain. Specializes in decentralized solutions for freelancing, helping to overcome the barriers of traditional finance, especially in developing regions.
This is not financial or investment advice. Always do your own research (DYOR).
