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Crypto hackers looted over $3 billion last year; On track to beat the previous record!

According to a recent study, cryptocurrency hackers will have a record-breaking year with a take of over three billion dollars. According to blockchain expert Chainalysis Inc., there have been around $718 million in thefts so far in October, pushing the total for the year beyond three billion dollars. The primary focus has been on decentralised finance, or DeFi protocols.

According to Chainalysis on Thursday, ‘October is now the greatest month’¬†for hacking activities in 2022. The protocols use computer-based algorithms to let cryptocurrency investors trade, borrow, and lend without the need for a central middleman. Hackers have been able to take advantage of DeFi markets’ code, security, and organisational structure.

One such attack saw a hacker manipulate the price of Mango’s token to steal nearly $100 million, wiping out all platform depositors in the process. Another one occurred last week when a hacker stole two million Binance Coins valued approximately $570 million. Later, according to Binance, just roughly $100 million was lost, with the remaining funds being locked. Chainalysis has previously predicted that organisations connected to North Korea had taken almost $1 billion in cryptocurrency from DeFi systems.

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