Crypto scammers and hackers have stolen over $10 billion from dealers worldwide to date, according to a new report by a data analysis firm on blockchain technology.

AltIndex.com, which produced the report, said the high number of crypto heists worldwide comes against the backdrop of a major fall in criminal activity in the crypto economy in 2023.

According to the estimate, more than $3.5 billion in cryptos was stolen in 2022, making it the worst year for crypto heists in the market’s history.

AltIndex said the overall value of stolen cryptos surged eightfold during the period, rising from around $324 million to a startling $2.7 billion.

It went on to say that almost $730 million was lost to crypto security vulnerabilities in August 2021 alone. 

The report revealed that an individual stole $610 million of this total in a Poly Network robbery, the second-largest crypto breach.

“Cryptocurrency heists took off in the last six years, going from only 15 hacks reported in 2017 to 136 in 2021, according to Comparitech data. The total value of stolen cryptos increased eight times in this period, jumping from roughly $324 million to a shocking $2.7 billion. In August 2021 alone, nearly $730 million were lost to crypto security threats. 

“Of this amount, $610 million was stolen by an individual in a Poly Network heist, which ended up being the second-largest crypto hack. However, last year, crypto crime exploded with crypto scammers and hackers taking more money than in 2019, 2020, and 2021 combined,” it said. 

Due to the risks bitcoin pose to investments and the economy as a whole, the federal government has restricted commercial banks and other financial institutions from transacting with it.

Despite the steps, there have been instances of criminals using digital or virtual currencies, such as Bitcoin and Ethereum, to launder revenues from corruption, fraud, drug trafficking, and other horrific crimes.