A new study by Chainplay and Storible has uncovered a troubling reality for crypto investors—83% have fallen victim to scams or hacks at least once. The findings, drawn from a survey of 2,101 investors and an analysis of 444 crypto projects, highlight the persistent security challenges in the digital asset space.
Crypto Scams Are More Common Than Ever
On average, investors reported losses of $2,622 per incident, with fraudsters using various deceptive tactics to exploit unsuspecting users. The most frequent types of scams include:
Fake social media accounts (34%) impersonating well-known figures or projects Exchange hacks (21%), leading to massive fund losses Phishing attacks (19%) designed to steal user credentials
One of the most shocking findings is that crypto exchange hacks have led to more than $27 billion in total losses. While decentralized exchanges (DEXs) are targeted more often, centralized exchanges (CEXs) suffer 27 times higher losses, making them a major weak point for investors.
The study also found that each major crypto project is bombarded with an average of eight phishing websites and seven fake X (Twitter) accounts, showing just how widespread and sophisticated online fraud has become.
A Wake-Up Call for the Industry
With the crypto industry growing at an unprecedented rate, security risks continue to escalate. Experts stress the urgent need for:
Better security protocols to safeguard investor assets Stronger regulations to prevent large-scale fraud Investor awareness programs to help users spot scams
As digital assets become more mainstream, the battle against cybercrime is far from over. The big question remains: Can the industry step up its security efforts before more investors fall prey to scams?
