Crypto Hackers Raised 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 in the biggest year for hacking activity.” The firm added that hackers have raised more than $3 billion in 125 attacks so far this year.

Crypto Hacking Activity Spikes in October

Chainalysis shared some crypto-related hacking statistics on Wednesday. The blockchain data analytics firm explained that in 2019, most attacks targeted centralized exchanges. However, the vast majority of targets are now decentralized finance (defi) protocols. Chainanalysis wrote:

After four hacks yesterday, October is now the biggest month in the biggest year for hacking activity… So far this month, $718 million has been stolen from defi protocols in 11 different hacks.

Total value hacked and number of hacks per month. Source: Chainalysis

The four attacks that took place on Tuesday involved Rabby wallet, QANPlatform, Temple DAO, and Mango Markets. The biggest exploit of the four was the Mango Markets hack of the Solana-based defi protocol, in which around $115 million was stolen.

“Cross-chain bridges continue to be a major target for hackers, with 3 bridges breached this month and nearly $600 million stolen, accounting for 82% of this month’s losses and 64% of all losses. the year,” explained Chainalysis, elaborating:

At this rate, 2022 is likely to overtake 2021 as the year with the highest piracy on record. So far, hackers have raised more than $3 billion dollars in 125 attacks.

What do you think of the Chainalysis findings? Let us know in the comments section.

kevin helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects, and the intersection between economics and cryptography.

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