A staggering $19 billion in cryptocurrency has been siphoned off in thefts dating back to 2011, as the industry contends with a burgeoning tide of blockchain-related crime, detailed in a report by Crystal Intelligence.

The comprehensive analysis identifies 785 instances of crypto theft, encompassing 220 breaches in security, 345 incidents of decentralized finance (DeFi) breaches, and 220 fraudulent schemes. Notably, the largest theft occurred in 2019 during the Plus Token Ponzi scheme, where a colossal $2.9 billion was illicitly obtained. Since then, crypto crime has escalated, with 2023 marking a record year for theft volume, registering 286 incidents totaling over $2.3 billion.

“Despite advancements in monitoring and reporting frameworks, illicit activities on the blockchain persistently expand,” the report underscores.

Recent data highlights Ethereum as the primary target over the past couple of years, witnessing 131 incidents amounting to nearly $1.3 billion in losses. Following closely is Binance Smart Chain (BSC), subjected to 100 breaches tallying over $186 million.

The report’s timeline extends until March 2024, noting a significant breach at Japanese crypto exchange DMM Bitcoin, which saw $320 million pilfered. The exchange has committed to raising capital to reimburse all affected users.