We have yet to complete the first half of October and this month is already proving to be the biggest month for crypto hacks in all of 2022. More than $718 million has been lost to crypto hacks so far this month. The total value hacked in October has already surpassed March 2022 figures.

Note that this entire stolen amount comes from various DeFi protocols. Blockchain analytics firm Chainalysis reports:

After four hacks yesterday, October is now the biggest month in the biggest year on record for hacking activity, with more than half of the month to go. So far this month $718 million has been stolen from #DeFi protocols across 11 different hacks.

Chainalysis adds that 2022 will easily surpass 2021 at this rate, the biggest year in crypto hacks ever. So far, in 2022, hackers have managed to steal more than $3 billion from 125 hacks that took place this year.

Courtesy: Chainalysis

DeFi protocols most vulnerable to crypto hacks

The cryptocurrency market has been facing the problem of hacks for quite some time now. However, the nature of the hacks has changed. In 2019, it was the centralized exchanges that were most vulnerable to hacks. Over the past year, however, the decentralized financial (DeFi) exchanges have been the biggest victims of crypto hacks. As chain analysis explains:

Cross-chain bridges remain a prime target for hackers, with 3 bridges breached this month and nearly $600 million stolen, accounting for 82% of losses this month and 64% of losses throughout the year.

This month there have been two major hacks over $100 million in cross-bridge attacks. Hackers recently stole more than $100 million worth of BNB coins through a cross-bride linking BNB Beacon Chain (BEP2) and BNB Chain (BEP20 or BSC).

Similarly, Solana-based DeFi protocol Mango Markets lost more than $100 million in its latest exploit earlier this week. The DeFi protocols need to up their game as hackers become adept at exploiting the security, encryption, and structure weaknesses of DeFi marketplaces.

Bhushan is a fintech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

This post Crypto Hacks For 2022 Crossing $3 Billion

was published first on https://coingape.com/october-turns-out-the-biggest-month-for-crypto-hacks-in-2022/


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