29 February, 2024

Chainalysis: October is Now The Year With the Most DeFi Hacks in 2022

1 year ago

22 Nov, 2023

Chainalysis, a firm that analyzes blockchain data, reveals that after four attacks that occurred yesterday, October is currently the most active month in the most active year ever for DeFi hacking activity. This is despite the fact that more than half of the month has not yet passed.

The firm went on to reveal that 718 million dollars had been taken via DeFi protocols over 11 distinct attacks so far this month.

Chainalysis says:

“At this rate, 2022 will likely surpass 2021 as the biggest year for hacking on record. So far, hackers have grossed over $3 billion dollars across 125 hacks.”

According to the company’s report, cross-chain bridges continue to be a primary target for cybercriminals. This month alone, hackers broke into three bridges and stole about $600 million. This accounts for 82% of all losses this month and 64% of all losses for the whole year.

Furthermore, the company reports that it has seen a change in the areas of the exploits as well. In 2019, the bulk of attacks occurred on centralized cryptocurrency exchanges; however, when those organizations upgraded their security measures, the vast majority of hacks, over 90% in 2022, occurred on DeFi protocols.

In the last two days, hackers have found vulnerabilities in three different DeFi protocols. There was an assault on the yield farming protocol TempleDAO on October 11. On Wednesday, October 12th, Mango Markets broke the news of the assault. An oracle pricing manipulation attack cost them $100 million.

This month’s exploits include the Binance cross-chain bridge, BSC Token Hub. According to reports, hackers used a loophole in their contract to steal 2 million BNB, or around $570 million. BNB Chain developers locked the remainder of the stolen assets after the hackers removed about $100 million.



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