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.
![](https://hacksbyte.com/wp-content/uploads/2022/10/chainalysis-october.webp)
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.
2/ 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. pic.twitter.com/vgT3pz2iOu
— Chainalysis (@chainalysis) October 12, 2022
“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.”
2/ 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. pic.twitter.com/vgT3pz2iOu
— Chainalysis (@chainalysis) October 12, 2022
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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.
1 comment
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.