Chainplay: 83% of Crypto Investors Have Faced Scams or Hacks

A recent study by Chainplay and Storible reveals that 83% of crypto investors have been scammed or hacked at least once, with average losses reaching $2,622 per victim. Exchange hacks have cost users over $27 billion, highlighting the persistent security risks in the crypto market.

Crypto Fraud on the Rise: Investors Lose Billions to Hacks and Scams

A staggering 83% of crypto investors have been victims of scams or hacks, according to a new study by Chainplay and Storible. The survey of 2,101 investors and the analysis of 444 projects highlight the scale of financial losses and security vulnerabilities in the crypto space.

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

Alarmingly, crypto exchange hacks have resulted in over $27 billion in total losses, with centralized exchanges (CEXs) facing 27 times higher losses than decentralized exchanges (DEXs), despite DEXs being targeted more frequently.

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 underscores 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.

Source