Crypto Hackers Gross Over $3 Billion From 125 Hacks so Far This Year

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.

Total value hacked and number of hacks by month. Source: Chainalysis

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.

What do you think about the findings by Chainalysis? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.