Dune Dashboard Reveals $2.5B Lost to Crypto Cybercrime

Crypto analytics platform Dune has unveiled a new dashboard that maps the scale of cybercrime in the cryptocurrency sector, documenting over 5,500 cases of hacks, exploits, and phishing scams within the blockchain ecosystem.

Comprehensive Overview of Crypto Cybercrime

The “Hacks, Exploits and Social Engineering Dashboard” is one of the most extensive efforts to quantify crime in the crypto space. It tracks an estimated $2.5 billion that has been stolen from blockchain users since 2016, utilizing data from sources such as Scamsniffer and Forta Network to create a broad dataset on fraud.

Commitment to Transparency

Dune aims to enhance transparency and provide open data access to a wide audience interested in crypto crime patterns, from industry professionals to everyday users. Hannah Curtis, Dune’s director of product, emphasized the importance of making data accessible to the community.

Features of the Dashboard

The dashboard is designed not only to highlight the alarming scale of blockchain crime but also to enable users to trace the movement of stolen assets. Unlike many proprietary tools, Dune’s platform is fully open-access, allowing users to scrutinize both the data source and methodology.

Funds Flow Analysis

One of the standout features of the dashboard is its funds flow analysis, which shows where stolen funds are redirected after being taken from victims. Notably, platforms like Tornado Cash, which has been sanctioned by U.S. authorities, are identified as significant endpoints for these funds. Additionally, decentralized finance (DeFi) protocols such as Sushi, Yearn, and Uniswap are also highlighted as destinations for laundered assets.

Underestimating the Scope of Crypto Crime

Curtis mentioned that the data presented in the dashboard likely underrepresents the true scale of crypto crime, indicating it as a “lower bound” of the funds lost. Nonetheless, this comprehensive repository offers blockchain analysts new insights into the pathways through which stolen funds are laundered.

Importance for Exchanges

Curtis stated that understanding how scammers move their ill-gotten gains is crucial for exchanges, which need to ensure their platforms are not being exploited for such activities.