After several major hacks, October ends with a total of $760 million in funds stolen from various decentralized finance (DeFi) applications. For the moment, the year 2022 therefore sees this same metric double compared to 2021.
October records $760 million in hacks
In an ecosystem still as young as cryptocurrencies, hacks are unfortunately regular. October was also particularly marked in this dimension, to such an extent that it ranks as the worst month of the yearthus confirming the trend observed in 2022.
In a tweet, blockchain security company PeckShield shared statistics for the less explicit :
#PeckShieldAlert ~44 exploits (53 protocols affected) grabbed ~$760.2M in Oct. 2022, and ~$100M already returned the exploited protocols (Total loss: $657.2M)
As of October 2022, the stolen funds (~$3B) in 2022 “doubled” last year’s loss pic.twitter.com/mKZAjVk7UU—PeckShieldAlert (@PeckShieldAlert) October 31, 2022
Thus, October records a total of 44 hacks and other attacksfor a total of flights amounting to $760.2 million.
In reality, net loss was $657.2 millionbecause a hundred million could be recovered.
As we were able to detail earlier in October, the attacks on the BNB Chain as well as Mango, represent the majority of the stolen funds, with 560 and 114 million dollars respectively. For the first, a hard fork of the blockchain was necessarywhile the Mango hacker returned $67 million.
So far, the year 2022 counts about three billion dollars in losses, distributed over different attacks on protocols or bridges, for example. This value is all the more significant as it is currently twice as high as in 2021.
👉 To go further – Find our guide on best practices to limit the risk of hack
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Figures that do not include everything
Beyond hacks, there are other dangers to watch out for that aren’t counted in the numbers.
We think in particular to rug pulls, soft rugs and various scams knowingly put together by the creators of a “project”. Unlike a rug pull which sees the team suddenly disappear, a soft rug is less brutal and this same team will rather leave the ship little by little, with the same purpose, leaving the community on its own.
This example seems to apply to Freeway, whose blocked $160 million is justified by vague reasons.
In this same logic, CNN’s collection of non-fungible tokens (NFTs) has also faces rug pull charges after the TV station decided to abandon the project to its community.
These scenarios are not considered hacks, but still make investors who have placed their trust in these players lose money. Thus, this again calls for caution, in the choice of projects on which we place our money.
👉 Read also – Tesla Coin (TES) review – Is it a scam?
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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