Crypto hackers set a record in 2022 when they successfully stole more than 3 billion USD

Cryptocurrencies may have collapsed in 2022 but they are still a lucrative “money machine” for hackers.

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Cryptocurrency hackers set a record in 2022 when "successfully" stole more than 3 billion USD

According to statistics published by blockchain analytics platform Chainalysis on October 13, at least $718 million has been stolen so far in October 2022 alone, accounting for a total of $3 billion in losses in hacks. throughout the year and makes 2022 the record for the total amount of damage hit.

“October is now a key month for hackers in 2022.”


The most frequently targeted targets are DeFi, mainly protocols that implement software-based algorithms to allow cryptocurrency investors to trade, borrow, and lend on the ledger. digitally without using an intermediary platform.

The core problem lies in the fact that hackers have become more adept at exploiting weaknesses in the security, encryption, and structure of the DeFi market. The figures for this facility were reported by Chainalysis in June 2022 when the loss from hacks at this time was about 1.7 USD, DeFi accounted for 97%.

More recently, despite the lack of any significant market movement amid the downturn, a series of serious DeFi attacks have rocked the crypto industry in early October 2022, typically Mango. Markets suffered a price manipulation attack, with a loss of 114 million USD.

In addition, Chainalysis also said that the cross-chain array, which is considered a "long circuit" for transferring between blockchains is also a big flaw, with 3 projects destroyed in October 2022, nearly $ 600 million lost. stolen, accounting for 82% of losses this month and 64% of all year losses.


Most notably, the bridge of BNB Chain was hacked, the damage was estimated at 100 million USD, causing the BNB Chain team to conduct a hard fork to fix the problem shortly after.

In general, since the hack of Wormhole ($325 million) and Ronin ($662 million) in the first quarter of 2022, the third quarter continues to be a bad period for cross-chain. In addition to the Horizon bridge on Harmony being hacked, with an estimated loss of $ 100 million, believed to be behind the North Korean hacker, Nomad immediately entered the top of the biggest hacks in the history of the crypto industry in the past. in 2022, leading to a series of big project names being "infected" and raising the cross-chain projects on this list to 4.

Ten major cryptocurrency hacks

FoxCryptoNews summary

Oct 13, 2022

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