Cointelegraph informed that with a total hacked value of about $718 million for the month, blockchain analytics company Chainalysis has dubbed October 2022 as “the biggest month in the biggest year ever for hacking activity.”
Despite the fact that the month hasn’t even halfway passed, Chainalysis reported that hundreds of millions had been taken advantage of through 11 distinct hacks on decentralised finance (DeFi) protocols.
On October 11, there were four escapades worth roughly $122 million. Using a smart contract from the digital currency wallet Rabby Wallet, $1.89 million from the Ethereum bridge on the blockchain QANplatform, $2 million from TempleDAO, and a $118 million attack on the Solana-based Mango Markets, hackers stole $200,000 in cryptocurrency.
According to Chainalysis, 2021 was the biggest year for blockchain-based hacks ever in terms of both total value stolen and total hacks. However, at the current rate, 2022 might “certainly surpass” last year’s data since over $3 billion has been abused over 125 hacks. The company claims to have noticed a change in the locations of exploits as well, Cointelegraph stated.
The majority of hacks in 2019 occurred on centralised cryptocurrency exchanges, but as those businesses tightened their security, the vast majority of hacks, over 90% in 2022, occurred on DeFi protocols.
(With insights from Cointelegraph)
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