PeakShield Published Surpassing Data About Hacks in Crypto October as “Hacktober”

October of 2022 is the month in which the most number of crypto loots occurred.

According to recent reliable data, October of 2022 has overtopped all previous records of hacks in the crypto sector and is living up to its new moniker of crypto loot volume – “Hacktober”.

On the last day of October PeakShield, a blockchain security firm posted some surprising data about the massive loot that occurred in a specific month of 2022.

PeakShield data shows that around $3 billion was looted in the month of October which is just double the total amount looted in the year 2021.

#PeckShieldAlert ~44 exploits (53 protocols affected) grabbed ~$760.2M in Oct. 2022, and ~$100M already returned the exploited protocols (Total loss: $657.2M)
As of October 2022, the stolen funds (~$3B) in 2022 “doubled” last year’s loss pic.twitter.com/mKZAjVk7UU
— PeckShieldAlert (@PeckShieldAlert) October 31, 2022

The tweet notes that “Hacktober” saw approximately 44 exploits affecting 53 protocols. The threat actors stole nearly $760 million in October but around $100 million was returned to the respective protocol.

The largest number of digital asset hacks occurred in October and the second largest number of hacks occurred in March 2022 with $710 million in stolen funds. Most of which resulted in the exploitation of the Ronin Bridge amounting to $625 million.

According to PeckShield data, the biggest hack occurred in October 2022 with the BNB chain causing a loss of about $586 million.

Summary About Mango Market Hack

Mango Market is a decentralized finance protocol that is the second most affected by a hack in October 2022.

On October 12, Mango Markets stated that it had experienced a hack because a hacker had influenced an oracle price and swiped liquidity. Almost $100 million seems to have been swiped in the hack.

What happened was a self-funded economic exploit with the hacker filling up an account with almost $5.5 million USDC. They then utilised this to drop out an everlasting futures contract for the MNGO token and traded against it.

This influenced the value of MANGO higher, permitting the hacker to swipe up Mango treasury loans and take the liquidity before it collapsed.

Summary About Transit Swap Hack

On 2 October 2022, A Twitter post from Transit Swap’s official account created an environment of turmoil among investors. The notification was regarding a hack in the Transit Swap Ecosystem of around $ 23 million U.S dollars.

The company informed about the hack in the ecosystem early morning on 2nd October Sunday, and the firm mentioned that after a self-review by the TransitFinance team, it was confirmed that a hacker attack caused the incident due to a bug in the code. And later, the company expressed its gratitude and noted, “We are deeply sorry.”

Summary About Moola Market Hack

Recently on 18 October 2022, Hackers attacked Celo blockchain-based decentralized finance (Defi) lending protocol, Moola Market.

Moola Market lost approximately $9.1 million but after the investigation and recovery process the community successfully recovered 93.1% of lost funds and the remaining amount was kept by Attackers as a bug bounty.

The information came into the limelight when the official Twitter handle of Moola Market tweeted about the hack in the blockchain. And the platform added that it has halted all its activities and is working to trace down the hack that occurred.