Despite the drop in the price of digital currencies, the digital currency hacking record. Active assets and programs in this area act as a money-making machine for hackers.
According to Bloomberg, at least $ 718 million worth of digital currency has been stolen since the beginning of October. The total number of hacks in 2022 has exceeded 3 billion dollars to date. This year has a great chance to break the record of the most hacks done in the space of digital currencies in one year.
Hackers usually target platforms active in Decentralized Finance (DeFi). These applications based on smart contracts allow users to perform activities such as trading tokens, receiving and granting loans, and staking digital currencies without the need for centralized intermediaries.
The total amount of hacks in the digital currency space every year
The digital currency hacking record
Recently, hackers have become more adept at exploiting the security weaknesses of DeFi platforms. DeFi is one of the most important sectors of the digital currency industry. It is necessary for activists in this field to provide solutions to solve this problem.
Half of October has seen the most hacking activity so far compared to any other month of the year. The most victims of digital currency hacking have been inter-chain bridges.
Two of the biggest hacks of October happened in the last few days. One of these two cases is Mango DeFi protocol hacking. During the Mango hack, that hacker stole 100 million dollars by manipulating the token price related to this protocol. Mango developers had to block their users’ deposits after this hack.
The next one is the hack of China’s interchain bridge two weeks ago. During the BNB China hack, 2 million new Binance Coin units were stolen by hackers.
The value of this number of new Binance Coin assets is 570 million dollars. According to the announcement of the Binance team, about 100 million dollars were not recovered from this stolen amount.
The 10 biggest hacks in the digital currency space in 2022
DeFi platforms have also become a target for government-sponsored hackers. China Analysis has provided an estimate that North Korean-affiliated hackers have stolen something like one billion dollars from DeFi protocols.