Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Crypto Hackers Have Collected Over $3 Billion From 125 Hacks So Far This Year – Featured Bitcoin News
Data from blockchain analytics firm Chainalysis shows that October is “the biggest month of the biggest year ever for hacking activity.” The firm added that crypto hackers have raised over $3 billion in 125 hacks so far this year.
Crypto hacking increases in October
Chainalysis shared some crypto-related hacking statistics on Wednesday. The blockchain data analytics firm explained that back in 2019, most of the hacks targeted centralized exchanges. However, a large majority of targets are now decentralized finance protocols (defi). Chain analysis wrote:
After four hacks yesterday, October is now the biggest month of the biggest year ever for hacking activity … So far this month, $718 million has been stolen from defi protocols across 11 different hacks.
The four hacks that took place on Tuesday involved Rabby wallet, QANPlatform, Temple DAO and Mango Markets. The biggest exploit of the four was the Solana-based defi protocol Mango Markets hack which saw around $115 million stolen.
“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 for the entire year,” Chainalysis elaborates:
At this rate, 2022 will likely surpass 2021 as the biggest hacking year ever. So far, hackers have raised over $3 billion in 125 hacks.
What do you think of the findings from Chainalysis? Let us know in the comments section below.
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