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Over $3 Billion Has Been Lost in 125 Crypto Hacks This Year

Malware provided by Google Ads drains an NFT influencer's whole Cryptocurrency Wallet

Despite their fall this year, cryptocurrencies continue to be a digital cash cow for one influential group: hackers.

According to blockchain analysis network Chainalysis Inc., at least $718 million has been stolen so far in only October, pushing the total for the year beyond $3 billion and putting 2022 on track to set a record for the total amount of hacks.

Who Is Being Targeted the Most?

Most of these targets are “decentralized finance” (DeFi) protocols, which allow cryptocurrency investors to trade, borrow, and lend without a central intermediary.

In DeFi markets, hackers have taken advantage of code, security, and organization loopholes. To adopt cryptocurrencies, crypto players must provide solutions for DeFi, which puts the onus on them.

According to Chainalysis’ tweet on Thursday, “October is now the greatest month” for hacking activity in 2022, and it also noted that bridges connecting blockchains are a significant weakness.

Two significant exploits have just shaken up the crypto industry. In one attack, a hacker manipulated the token’s price for the DeFi service Mango and stole approximately $100 million. The criminal destroyed all of the platform’s depositors in the process.

A hacker created and seized approximately $570 million worth of BNB Tokens last week. A statement from Binance claims that the remaining money was blocked and that just around $100 million was not retrieved.

In early this year, Chainalysis predicted that North Korean organizations had stolen almost $1 billion in cryptocurrency through DeFi protocols.

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