Crypto Hackers Gross Over $3 Billion From 125 Hacks so Far This Year – Featured Bitcoin News

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 Activities Soar in October

Chainalysis provided some statistics on crypto-related hacking Wednesday. According to Chainalysis, most hackers targeted central exchanges in 2019. The vast majority of the targets now are decentralized finance protocols (defi). 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.

On Tuesday, Rabby wallet and QANPlatform were hacked. Temple DAO was also hacked. Mango Markets was the victim of one of these hacks. Of all the hacks that took place on Tuesday, the biggest was Mango Markets Hack which involved a Solana-based protocol for defi protocols. It saw approximately $115million 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:

This rate means that 2022 is likely to surpass 2021 in terms of hacking revenue. Hackers have so far made more than $3 billion in hacks.

Let us know what you think of Chainalysis’s findings. Comment below to let us know your thoughts about Chainalysis’s findings.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.