This will be record year for crypto hackers, over $3 billion already 125 hacks reported

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Data from blockchain analytics firm Chainalysis shows that October is “the biggest month in the biggest year ever for hacking activity.” The firm added that crypto hackers have grossed over $3 billion across 125 hacks so far this year.

Crypto-Hacking Activity Soars in October

Chainalysis shared some crypto-related hacking statistics Wednesday. The blockchain data analytics firm explained that back in 2019, most hacks targeted centralized exchanges. However, a vast majority of targets are now decentralized finance (defi) protocols. Chainalysis wrote:

After four hacks yesterday, October is now the biggest month in the biggest year ever for hacking activity … So far this month, $718 million has been stolen from defi protocols across 11 different hacks.

The four hacks that took place on Tuesday involved Rabby wallet, QANPlatform, Temple DAO, and Mango Markets. The biggest exploit of the four was the Solana-based defi protocol Mango Markets hack which saw about $115 million stolen.

“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,” Chainalysis detailed, elaborating:

At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record. So far, hackers have grossed over $3 billion dollars across 125 hacks.

Year-to-date, hackers have already managed to steal more than $3 billion across 125 different hacking attempts, the blockchain analysis firm headquartered in New York City said in a report released mid-October.

October, which is not even over, was the best month for hackers in 2022, with $718 million stolen in eleven different hacks. Decentralized finance protocols (DeFi) were the main targets this year. This is a shift that began in 2020. DeFi protocols use software-based algorithms that allow users to trade, borrow or lend crypto without a central intermediary.

“Back in 2019, most hacks targeted centralized exchanges, and prioritizing security went a long way. Now a vast majority of targets are DeFi protocols,” the report said. “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.”

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In another report, Chainalysis estimated that North Korea-affiliated groups got their hands o $1 billion worth of crypto in various hacking attempts on DeFi protocols.

One of the biggest hacks from October involved Binance’s native blockchain, BNB Smart Chain (BSC), which was hit with a bridge exploit. The hack triggered a network suspension for a brief period. Reports said that a hacker took advantage of an issue with a cross-chain bridge, escaping with an estimated $80 million in BNB tokens, the native currency of the chain. 

Another big hack involved Solana-based decentralized finance protocol Mango Markets (MNGO). In this instance, a hacker manipulated the price data of its native MNGO token and exploited under-collateralized cryptocurrency loans. The attack managed to wipe out $100 million. 

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