• Eleven hacking attacks in just twelve days
• In 2022, more than three billion US dollars have already been stolen by exploits
• Expert explains: Hacking attacks are so successful because insufficient resources are devoted to cyber security
October is the biggest month for crypto hacks after just 12 days
As blockchain analysis firm Chainalysis explained on Twitter on Oct. 12, this month has already become the strongest month in the strongest year ever for hacking activity after almost two weeks. In just the first 12 days of the month, eleven different hacks have already stolen $718 million from DeFi protocols. Four exploits were recorded on October 11 alone.
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1/ After four hacks yesterday, October is now the biggest month in the biggest year ever for hacking activity, with more than half the month still to go. So far this month, $718 million has been stolen from #DeFi protocols across 11 different hacks. pic.twitter.com/emz36f6gpK
– Chainalysis (@chainalysis) October 12, 2022
In total, the damage caused in that single day amounts to around $122 million, as Cointelegraph reports. While relatively little was stolen in the hacker attack on the Rabby Wallet with a sum of 200,000 US dollars, the loot from the respective attacks on the QANplatform with 1.89 million US dollars and TempleDAO with two million US dollars was on a clear level higher level. However, the hardest hit that day was the Solana project Mango Markets, which lost a whopping $118 million to the exploit.
Crypto Hacker Record: More than $3 billion looted this year
But not only October is characterized by the negative record numbers. Chainalysis goes on to explain in the Twitter thread that 2022 is likely to surpass 2021 as the strongest year for hacking on record. As of October 12, 2022, hackers have stolen more than $3 billion through 125 hacks. In addition, over time, not only the increasing development, but also a change in the goals. In 2019, centralized crypto exchanges were the most common targets of hacker attacks. However, they then prioritized their security measures. In the meantime, most attacks would focus on DeFi projects with over 90 percent.
4/ Cross-chain bridges remain a major 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 all year. pic.twitter.com/lQySX2ljKt
– Chainalysis (@chainalysis) October 12, 2022
The US analysis company also explains that cross-chain bridges remain a prime target for hackers. “Cross-chain bridges remain a prime target for hackers, with three bridges breached this month. Nearly $600 million was stolen this way, accounting for 82 percent of losses this month and 64 percent of losses for the year.” , says the tweet.
This is why hacker attacks on crypto projects are so successful
In an interview with Cointelegraph, Chainalysis Research Director Kim Grauer explained why the hacking of crypto projects is so successful. While crypto exchanges have significantly improved their security against cybercrime, there are often still numerous security gaps in decentralized projects, since they are mostly based on open source code. “Anyone can easily sift through this open source code and look for vulnerabilities that can be exploited,” Grauer explained. Nevertheless, the expert is sure that the DeFi projects could have a security standard similar to that of centralized platforms if only enough resources were applied to perfect the code. At the moment there is just not enough investment in cyber security.
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