• 24 June, 2024
News

303 Blockchain Security Hacks Cost $3.777B in 2022: SlowMist

Blockchain security firm, SlowMist, has released its 2022 Annual Blockchain Security and AML Analysis report. The report offers valuable insights and analysis on promising trends and developments in blockchain security and AML. SlowMist reports 303 blockchain security incidents cost $3.777 billion (at the time of the event) in 2022.

Sharing their research report, SlowMist tweeted:

SlowMist’s hacked statistical research reveals blockchain hackers stole $3.777,968,014.78.

Source: SlowMist Twitter (@SlowMist_Team)

Per SlowMist, some groups’ AML dynamics in 2022 stood as follows:

  1. Tether: 250 ETH addresses got blocked, and their addresses’ USDT-ERC20 got frozen.
  2. Circle: 126 ETH addresses got blocked, and their addresses’ USDC-ERC20 got frozen.

In 2022, Tornado Cash received a total of 1,233,129 ETH in deposits and processed 1,283,186 ETH in withdrawals.

Source: SlowMist Twitter (@SlowMist_Team)

ChipMixer’s 2022 user deposits total 40,065.33 BTC whereas user withdrawals were 22,582.44 BTC.

Source: SlowMist Twitter (@SlowMist_Team)

SlowMist’s security incidents’ analysis in this case unveils that a big chunk of the initial funding emanated from TornadoCash. It also came from currency exchange platforms, trading platforms, or personal address transfers.

Source: SlowMist Twitter (@SlowMist_Team)

A total of 183 noteworthy DeFi security incidents occurred in 2022. Losses resulting from such incidents amounted to $2.075 billion (55%) of the total losses for 2022. A total of 79 incidents were on the BNB Chain, reportedly amounting to $785 million in losses.

Source: SlowMist Twitter (@SlowMist_Team)

A total of 16 major cross-chain incidents in 2022 led to a loss amounting to $1.212 billion, per SlowMist. Losses totaling to $65.44 million are reported to relate to 56 major NFT incidents in 2022. Phishing attacks are reported to have caused a majority of these incidents—39% or 22 incidents.

Source: SlowMist Twitter (@SlowMist_Team)

Out of the analyzed 303 security incidents, the attack modus-operandi can be categorized as follows:

1. Contract Vulnerabilities

2. Phishing, Rug Pull, Scams

3. Private key compromised

Source: SlowMist Twitter (@SlowMist_Team)

SlowMist is optimistic about the blockchain industry’s development in 2023. Caution is still required to ensure long-term stability.

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