The annual rate of crypto fraud continues to increase according to a report by CoinJournal, which detailed an increase of 27% last year.
Worryingly, the group detailed that fraud within the space has been on an upward trajectory since 2012, with the most common of which coming in the form of DeFi breaches.
This was closely followed by fraud attacks, which also grew at an alarming rate from the previous year and were valued at approximately £53,940,000.
It comes amid the expansion of the sector, as a growing number of consumers, from a wide range of demographics have sought to engage with digital currencies and finance.
Furthermore, crypto has been embraced by a deeper spectrum of industries, which has likely led to an increase in the vulnerability for the space – as less mature sectors have been exposed to the risks of crypto.
The report detailed that the US is currently the most prevalent region for crypto attacks – with the most recent being through verified Twitter accounts.
In terms of coins, the most lucrative crypto scam was by Plus Token, where almost $3 billion worth of Bitcoin and Ethereum was stolen. This was followed by ETH.