The cryptocurrency industry suffered an unprecedented hack in 2022

2022 has been a difficult year for the cryptocurrency market, but the industry is still a "digital gold mine" for hackers. According to a blockchain analytics firm, at least $718 million has been stolen since October alone.

What's even more shocking is that the crypto industry has lost more than $3 billion to 125 hacks so far this year. If this trend continues, 2022 is likely to be an all-time high in the value of crypto assets stolen.

! Looting $3 billion, 2022 has been a crazy year for crypto hackers

The analysis shows that the main target of hackers has shifted from exchanges in 2019 to DeFi protocols in 2022. These protocols typically deploy smart contracts based on public chains, allowing investors to trade, lend, and borrow in a decentralized environment.

Hackers exploit security vulnerabilities in the DeFi marketplace in terms of code and architecture to carry out attacks. As an important part of the cryptocurrency industry, the DeFi ecosystem is in dire need of stronger security solutions.

! Looting $3 billion, 2022 has been a crazy year for crypto hackers

October became the most active month for hackers in 2022, with the cross-chain bridge vulnerability causing a huge crisis. Just three cross-chain bridges suffered nearly $600 million in losses, accounting for 82% of crypto losses this month and 64% of losses for the year. On October 12, a decentralized trading platform was hacked and lost up to $115 million, sending shockwaves through the industry.

! Looting $3 billion, 2022 has become a crazy year for crypto hackers

In the top 10 cryptocurrency attacks of 2022, hackers collectively stole more than $1.7 billion in funds. Cross-chain bridges became the largest target of stolen funds, including several high-profile projects that suffered significant losses. The most recent cross-chain bridge attack occurred on October 7, when the official bridge of a major public chain was compromised, causing a loss of about $100 million.

! Plundering $3 billion, 2022 has been a crazy year for crypto hackers

Notably, some state-backed hacking groups have also begun to target DeFi platforms. Earlier this year, there were reports that a state-linked hacking group had stolen about $1 billion worth of cryptocurrency from DeFi protocols.

This series of events highlights the huge security challenges facing the cryptocurrency industry, especially the DeFi space. As hacking tactics continue to escalate, industry players must strengthen security measures to protect user assets and maintain market confidence.

! Looting $3 billion, 2022 has been a crazy year for crypto hackers