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Record rise in crypto thefts in 2022…Details here

Record rise in crypto thefts in 2022…Details here

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Answer Record rise in crypto thefts in 2022…Details here

Thefts from the cryptocurrency market saw a massive rise in 2022.

According to a recent “Chinalysis” report, the decentralized finance (DeFi) sector has been the biggest victim of hackers.

From the date of the moment back to July 2022, $ 1.9 billion worth of cryptocurrencies were stolen.

This is more than 50% compared to the same period last year.

According to the Chainlaysis report, this trend does not appear to reverse or reverse anytime soon.

Earlier this month, nearly $200 million was stolen from the Nomad bridge protocol.

Similarly, several Solana wallets reported a loss of more than $5 million in early August.

Read:The “VeChain” project partners with “Salesforce” and the price of the digital currency “VET” is affected

The “Chainlaysis” report adds that there has been a huge rise in funds stolen from DeFi protocols.

In addition, according to the same report, the “Lazarus Group” is behind the majority of funds stolen from DeFi protocols.

The report also stated the following:

We should not expect theft to decrease based on crypto market movements the way fraud does, as long as crypto assets held in DeFi pools and other services have value and are vulnerable, bad actors will try to steal them.

The report added:

The only way to stop it is for the industry to enhance security and educate consumers on how to find safe projects to invest in.

Decreased revenue fraud:

Interestingly, according to Chainalysis, there has been a sharp decline in total fraud proceeds so far in 2022.

Read:Cryptocurrency exchanges witness a significant increase in the number of new registrations

With $1.6 billion recorded by July 2022, total fraud revenue is 65% lower than it was at the end of July 2021.

This decline is due to the drop in cryptocurrency prices.

Read also:

Huobi suspends trading of crypto derivatives for New Zealand users

Recognition of Ripple as one of the fastest growing private companies in America


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