Over $2.5 billion stolen in 2022: Has the cryptocurrency market become a hotbed for hackers?

Over $2.5 billion stolen in 2022: Has the cryptocurrency market become a hotbed for hackers?

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Answer Over $2.5 billion stolen in 2022: Has the cryptocurrency market become a hotbed for hackers?

As the overall market capitalization of the cryptocurrency market continues to rise, hacking has increased exponentially.

According to SlowMist Hacked, as of August 8, there were 207 hack events in 2022, resulting in a loss of $2525 million.

In the past month, there have been two consecutive hacks.

On August 2, the Nomad protocol was hacked, with a total loss of about $152 million.

On August 3, Solana’s wallets were extensively hacked.

Data from Dune shows that the hack affected more than 9,000 independent wallets, resulting in a loss of $40,88,121.

Read:Will Tesla Re-accept Bitcoin After Bitcoin Mining Board Quarterly Report?

Due to frequent hacking incidents, the cryptocurrency market has become an “automated teller machine” for hackers and a breeding ground for hackers.

Breach incidents that occurred in the first half of 2022:

On February 20, the OpenSea platform, the world’s largest marketplace for non-fungible digital tokens, was attacked.

According to OpenSea’s official tweet, hackers sent phishing emails to all users’ mailboxes at the same time the OpenSea contract was upgraded.

Many users mistakenly thought it was an official email and authorized the wallet.

As a result, their wallets were being robbed.

On March 17, according to a report by user Will Sheehan, arbitrage bots exploited a loophole in APE Coin’s airdrop mechanism and acquired more than 60,000 ApeCoins (worth $8 each at the time) through fast loans.

On March 29, Ronin Network sent a warning to the community that the network had suffered a security breach, resulting in the hacking and theft of 173,600 Ethereum and 25.5 million USDC, at a loss of over $625 million.

On April 17, the Ethereum-based Beanstalk Farms project was attacked with quick loans, resulting in a loss of about $182 million.

Read:SABB Bank succeeds in executing the first blockchain transaction between Saudi Arabia and Bahrain

On June 5, BAYC tweeted that “Discord servers were briefly exploited and it appears that around 200 ETH from NFT has been affected.

On June 24, Harmony’s Horizon Bridge was hacked, and it was later confirmed that Horizon had been attacked not because a smart contract vulnerability was exploited, but because hackers had decrypted some private keys held by Horizon.

On July 1, Quixotic, the largest NFT platform in the OP ecosystem, suffered a major vulnerability that hit a large number of users.

Looking at previous attacks, hackers rely on four strategies:

1) Attacking or exploiting project vulnerabilities

2) Obtaining permission through phishing emails or information

3) Exploiting leaked private keys of individuals or companies

4) Perform malicious attacks on the front end of projects.

On-chain statistics show that during Solana’s hack, the private key of the affected wallets was leaked and used to sign malicious transactions, exposing a major problem.

Who controls the private keys of the central wallets?

Companies that run a central wallet back up users’ private key, which improves user experience but also creates more security risks.

Read:The founder of Facebook confirms that NFT tokens will be integrated into the Instagram platform soon!

During the Solana hack, some users revealed that the hacker stole their cryptocurrency when backing up data stored on their phones.

Does the phrase “you don’t have the keys so you don’t have your coins” sound right after all?

Of course, the advent of Web 3.0 in the blockchain industry has brought about decentralized wallets, which can make sure that your key is yours.

Be wary of investors who are whitelisted or who solicit our “signature” and caution in dealing with licenses.

Additionally, it is worth noting that in the first half of 2022, approximately $1140.7 million of stolen funds were transferred to Tornado Cash by hackers, accounting for 60% of Web3’s total loss.

On August 9, the US Treasury announced sanctions against cryptocurrency mixer Tornado Cash.

Meanwhile, Github has suspended all accounts that contributed Tornado Cash tokens, USDC has blocked addresses related to Tornado Cash and froze USDC nodes at many of the addresses it handles.

Security issues across all classes of blockchain are a blow to projects and companies and are even more devastating to investors.

As such, the key is to find a secure and convenient exchange platform.

Protected by multiple security strategies, CoinEx promises that all cryptocurrencies are 100% secured as the platform has not experienced any security breach since its inception.

Currently, the platform offers easy-to-use, secure and reliable cryptocurrency trading services to more than 3 million users in more than 200 countries and regions.

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