October turns into the biggest month in terms of hacking volume in the cryptocurrency space
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Answer October turns into the biggest month in terms of hacking volume in the cryptocurrency space
We haven’t finished the first half of October yet, and this month has already become the largest month in terms of the number and volume of hacks in the crypto space in all of 2022.
This month, some cryptocurrency companies lost more than $718 million due to hacking and hacking.
The total value stolen from crypto companies in October has already exceeded the numbers recorded in March 2022.
The amount stolen comes from several different DeFi protocols.
According to a Chinalysis report:
After four hacks yesterday, October is now the biggest month in the biggest year ever for hacking activity, with just over half the month left.Read:Japanese messaging app Line launches marketplace for NFT tokens
So far, $718 million in DeFi protocols have been stolen via 11 different hacks.
Chainalysis adds that at this rate, 2022 will easily surpass 2021, the largest year in the history of cryptocurrency penetration ever.
So far in 2022, hackers have managed to steal more than $3 billion through 125 hacks this year.
DeFi protocols are most vulnerable to hacking:
The cryptocurrency market has been facing a hack problem for a long time.
However, the nature of the hack has changed.
Back in 2019, centralized trading platforms were the most vulnerable to hacking.
While over the past year, decentralized finance (DeFi) platforms and projects have been the biggest victims of cryptocurrency hacks.
according to decomposition:
Bridges across blockchain networks remain a major target for hackers, with 3 bridges hacked this month and nearly $600 million stolen, accounting for 82% of losses this month and 64% of losses for the whole year.
During this month there were two major breaches of more than $100 million in bridge attacks.Read:Top 5 Most Famous Cryptocurrency Scams of 2018
Hackers recently stole more than $100 million in BNB by targeting a bridge linking the BNB Beacon Chain (BEP2) and the BNB Network (BEP20 or BSC).
Similarly, Project Mango, a DeFi protocol based on Solana, lost more than $100 million in the latest exploit that occurred earlier this week.
DeFi protocols need to upgrade their security because hackers have become adept at exploiting weaknesses in the structure of DeFi markets.
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