Reports: Crypto Losses to Skyrocket in ’22
Crypto Losses to Spike
First, according to new data out from CryptoAssetRecovery between $272 million and $545 million in crypto will be lost over the coming year because of forgotten passwords or improper recordings in the seeing process. According to some reports up to 20% of all Bitcoin is lost, with the majority being irretrievable by its original owners.
Each year a new Bitcoin block award is released every 10 minutes; in 2022 there will be 328,500 bitcoin block rewards (BTC) issued.
Why Crypto Is Lost
There are many reason cryptocurrencies can get lost – from forgotten passwords to mistakes in seeing phrases or even death. But Bitcoin scams are a growing reason many in crypto will lose out as people become more comfortable in either crypto investing or the use of crypto.
Crypto Theft Growing
However, crypto theft is quickly moving to the top of the lost-crypto pile. Some experts believe $1 billion in crypto will be stolen in 2022; this is based on already-perpetrated attacks on sites like Wormhole, Ronin Network, and Crypto.com.
To stop these thefts, experts believe businesses – banks, financial institutions, and crypto brands, themselves – must strengthen the blockchain surrounding cyber currencies. This is because hackers and fraudsters attack decentralized finance; by strengthening the blockchain businesses can better protect their cyber assets, and the cyber assets of their customers.