Bad Actors Record Their Best Year Exiting With $3 Billion In Funds From Hacks
Theft from exchanges and DeFi platforms by Bad actors set a record of over $3 billion this year, topping all previous records.
Best Year For Hackers, Worst Year For Firms
With the hacks that happened this year alone, bad actors have established a solid reputation in the crypto space— It is impossible to discuss 2022 without bringing up the hacks that happened this year.
This year’s hacks broke all previous records, ending them with a $3 billion victory on their part. In other words, this has been their “best year yet.”
A Forbes report details the number of hacks committed this year as well as the overall money stolen from crypto platforms by bad actors.
Over the course of the year, $3 billion was taken in 125 cyberattacks; DeFi platforms were the most targeted, accounting for 80% of the funds stolen.
The Decentralized Finance Sector is a new sector in the crypto space that only began to gain traction a year ago. Because of its nature, it has low security and is vulnerable to cyberattacks and hack manipulation.
The DeFi platform’s lack of fully developed security measures has provided hackers a lot of room to compromise the system and divert and drain funds from the platforms for their own gain.
Detailed Series Of Hacks
The overall number of hacks that took place this year alone is detailed in a report from Chinalysis.
Out of the 125 hacks that occured this year, 5 successful hacks accounted for a total of $1.5 billion.
The five companies were Wormhole Network, which lost almost $300 million to these ruthless hackers, Ronin Network, which saw a $625 million hack on its platform, and Nomad Bridge, which experienced a $180 million exploitation.
The next two hacks, Bean Stalk and Wintermute, both resulted in the theft of over $100 million from their respective exchanges.
During a cross-bridge transaction on the Binance network, funds were hacked and stolen. The hackers intercepted this transaction and stole over $500 million; nevertheless, Binance was able to retrieve $390 million from these hackers.
Also susceptible to these intrusions were centralized exchanges, with Crypto.com topping the list. The Crypto.com exchange lost $35 million at the start of the year.
On its platform, FTX also disclosed an alleged $400 million hack. Investigations are still being conducted to determine whether this was a genuine hack or only an inside job.
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