October is officially one of the worst-ever month for crypto-related crimes with close to $800 million in overall losses. Considering the trend, this year “will likely surpass 2021 as the biggest year for hacking on record,” Chainalysis researchers wrote. “So far, hackers have grossed over $3 billion across 125 hacks.”
The following picture shows us the total value that was hacked from crypto-related products and protocols, along with the number of hacks required. Hackers are apparently getting better at the job as they stole almost the same amount as in 2021 but with almost half hacks.
During the years, the crypto space evolved quite a lot, and with it also the hackers. In 2019, close to 90% of the hacks performed in that year happened on exchanges. In 2022, instead, more than 90% of the hacks happened in DeFi protocols and related products.
Of all the DeFi functions, bridges remain the favorite targets for hackers. $600 million is the total value stolen from bridges during October only, account for 64% of the total losses of the entire year.
Binance BNB Chain is the ne that suffered the biggest lost to hackers with a total value of $586 million, followed by the Solana-based lending platform Mango Markets with a $117 million loss.
What every single company, protocol or blockchain-backed product does after it has been hacked is to direct some investments to cybersecurity in order to prevent such an exploitation to happen again.
Be Proactive with CryptoArmor
The companies that haven’t been hacked yet should consider themselves lucky and take all the unlucky ones as an example to follow and an inspiration to prevent rather than cure.
We at CryptoArmor have the way to do it. We offer blockchain Cybersecurity-as-a-Service with proactive strategies that can help you to be compliant with industry regulations and frameworks and defend your product from possible attacks.
With the goal to make web3 a safer space for people to be in, CryptoArmor is the right company to partner up with when it comes to cybersecurity.
Request a connection inside CryptoArmor by sending us an email at: firstname.lastname@example.org.