- In the previous 11 years, about $12 billion in cryptocurrency has been stolen. Decentralized Finance (DeFi) hacks have become more common, with fake exchanges taking up to 40% of funds. The first recognized cryptocurrency exchange hack occurred in 2011, with hackers stealing $1 million over the course of the year.
- The Ethereum biological system was hacked multiple times in the principal quarter of 2022, bringing about a deficiency of more than $636 million. The Axie Infinity sidechain Ronin Network was hacked towards the end of March, which was the most major attack of the quarter. The entire value of the theft was $610 million, consisting of 173,600 Ethereum and 25.5 million USDC.
- An attacker exploited a network signature verification weakness to produce 120K Wormhole-wrapped Ether worth $334 million on Solana.
Despite the fact that bitcoin values dropped at the start of the year, thieves did not stop. Attacks against a variety of crypto projects and ecosystems netted hackers and scammers millions of dollars. Blockchain hackers stole $1.3 billion in 78 hack events in the first quarter of 2022, according to new information from the Atlas VPN team. Furthermore, in this quarter alone, hacking on the Ethereum and Solana ecosystems cost approximately $1 billion in losses.
Nice Food For Cryptocurrency Hackers
Slowmist Hacked, which aggregates information about publicly reported attacks on blockchain projects, provided the numbers. To calculate monetary losses, the conversion rate of a particular cryptocurrency at the time of a hack or scam was employed.
The Ethereum biological system was hacked multiple times in the principal quarter of 2022, bringing about a deficiency of more than $636 million. The Axie Infinity sidechain Ronin Network was hacked towards the end of March, which was the most major attack of the quarter. The entire value of the theft was $610 million, consisting of 173,600 Ethereum and 25.5 million USDC.
The Solana environment was hacked multiple times in the primary quarter of 2022, coming about in a $397 million misfortune. For the second time this quarter, Wormhole, a communication channel between Solana and other DeFi networks, has been hijacked. An attacker exploited a network signature verification weakness to produce 120K Wormhole-wrapped Ether worth $334 million on Solana.
Cybercriminals have gained access to 14 projects in the Binance Smart Chain ecosystem, causing a loss of almost $100 million. The deposit capability of the QBridge was used to conduct an attack on the Qubit protocol. As a result of the attack, the hacker was able to generate $80 million in xETH (xplosive Ethereum) collateral. Roughly the course of ten occurrences, other types of blockchain attacks resulted in over $57 million in losses. IRA Financial Trust, a provider of self-directed retirement plans, lost $36 million due to a bitcoin breach.
Throughout The Previous Decade Hackers Certainly Had A Lot Of Fun
NFTs were the most popular target for hackers, with 20 attacks and $49 million in losses. Some attackers utilize Discord to perform phishing attempts in order to steal users’ NFTs. Furthermore, many scammers launch NFT projects that turn out to be rug pull scams. The crypto industry’s technology has grown significantly since the inception of Bitcoin in 2009. Despite this, many crypto firms have failed to put in place effective security procedures to prevent hackers from profiting from security weaknesses at the expense of their victims.
In the previous 11 years, about $12 billion in cryptocurrency has been stolen. Decentralized Finance (DeFi) hacks have become more common, with fake exchanges taking up to 40% of funds. The first recognized cryptocurrency exchange hack occurred in 2011, with hackers stealing $1 million over the course of the year. The amount of money lost as a result of security breaches climbed dramatically in 2014, hitting $645 million. The total has gradually increased since then, surpassing $3.2 billion in 2021.
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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/04/27/as-per-a-latest-study-cryptocurrency-hackers-to-stole-1-3-billion-in-the-first-quarter-of-2022/