After stealing over $3 billion in cryptocurrency, hackers are on track to have a record-setting year

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Last Updated on October 14, 2022 by Bitfinsider

Even though the value of cryptocurrencies has plummeted this year, hackers continue to see them as a viable source of income generated by a digital cash machine.

According to research conducted by Chainalysis Inc., a blockchain specialist, a minimum of $718 million has already been stolen in the month of October alone, bringing the total gross amount for the year to more than $3 billion and putting 2022 on track to set a new record for the total value of all hacked assets.

The majority of the targets are referred to as decentralized finance protocols, also known as DeFi for short. These protocols use software-based algorithms to make it possible for cryptocurrency investors to trade, borrow, and lend on digital ledgers without the need for a central intermediary.

Hackers have become very skilled at finding and exploiting vulnerabilities in the coding, security, and structure of cryptocurrency marketplaces. Given that DeFi is often cited as being crucial to the widespread use of cryptocurrencies, this places the burden of finding solutions squarely on the shoulders of those involved in the cryptocurrency industry.

According to a tweet published by Chainalysis on Thursday, “October is now the biggest month” for hacking activity in 2022. The company also noted that bridges between blockchains are a significant point of vulnerability.

In recent days, the cryptocurrency industry has been shaken by two major exploits. One of these was a robbery in which a hacker stole approximately $100 million from a decentralized financial service known as Mango by manipulating the price of its token. During the course of the crime, the perpetrator was able to delete all of the platform’s depositors.

In recent days, the cryptocurrency industry has been shaken by two major exploits. One of these was a robbery in which a hacker stole approximately $100 million from a decentralized financial service known as Mango by manipulating the price of its token. During the course of the crime, the perpetrator was able to delete all of the platform’s depositors.

A hacker was responsible for effectively minting 2 million Binance Coins and stealing them last week. This amount is equivalent to nearly $570 million USD. According to a statement released by Binance, approximately $100 million could not be recovered, while the remaining funds were frozen.

Hacking carried out with the support of a nation-state has increasingly focused on public Wi-Fi networks. At the beginning of this year, Chainalysis made the estimation that groups with ties to North Korea have stolen approximately one billion dollars’ worth of cryptocurrency from DeFi protocols.


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