Cryptocurrency Hacks Rampant in 2022: $3 Billion in Assets Stolen

2022 was a tough year for the cryptocurrency market, but it was a bountiful season for hackers. Despite the overall market slump, crypto assets still became a "digital ATM" in the eyes of hackers.

According to the data, over $718 million in encryption assets have been stolen since October alone. Even more concerning is that the crypto industry has lost over $3 billion this year due to 125 hacker attacks. If this trend continues, 2022 is likely to become a historical high for the total value of stolen encryption assets.

Analysis shows that the hacker's attack targets have shifted from exchanges in 2019 to DeFi protocols in 2022. These protocols are typically built on public chains that deploy smart contracts, allowing investors to trade, lend, and borrow without the need for centralized intermediaries.

Hackers exploit security vulnerabilities in coding and structure within the DeFi market to carry out attacks. As an important ecosystem in the cryptocurrency industry, market participants have a responsibility to seek better security solutions to protect user assets.

October was considered the most active month for hackers in 2022. Among them, cross-chain bridges became the primary targets of attacks, with just 3 cross-chain bridges suffering losses of nearly $600 million, accounting for 82% of the monthly encryption losses and 64% of the annual losses. On October 12, a decentralized exchange platform suffered a hacker attack, with losses reaching $115 million, shocking the industry once again.

In the top ten cryptocurrency attacks of 2022, hackers stole a total of over $1.7 billion. Cross-chain bridges became the biggest victims, with several well-known projects suffering heavy losses ranging from $100 million to $540 million. The most recent cross-chain bridge attack occurred on October 7, resulting in losses of about $100 million.

It is worth noting that some hacker organizations supported by certain countries have also begun to turn their attention to DeFi platforms. Earlier this year, research found that hacker groups linked to North Korea had stolen approximately $1 billion in cryptocurrency from DeFi protocols.

This series of events highlights the severe security challenges faced by the cryptocurrency industry, particularly in the DeFi sector. As hacking methods continue to evolve, the entire industry needs to pay greater attention to security issues and strengthen technological protections to provide users with a safer environment.