October’s Been the Biggest Month in Crypto Hacks

by in Cryptocurrency News

October hacks Chainalysis

Crypto investigation and transaction monitoring solution Chainalysis announced that October has been the biggest month in the biggest year of hacks although we’re only in the middle of the month. By now, around $718 M was stolen in DeFi protocol hacks across 11 attacks. On October 11, four exploits happened worth about $122 M.

Related: Chainalysis launches hacker response unit

Hackers stole $200,000 in crypto attacking the open source crypto wallet Rabby Wallet, $1.89 M from the Ethereum bridge QANplatform, $2 M from TempleDAO, and $118 M on the Solana-based Mango.

Chainalysis predicts that 2022 will probably overtake 2021 by crypto exploits as hackers generated more than $3 bln across 125 hacks.

The company also mentioned that hacker targets have changed. While in 2019 most hacks were focused on centralized exchange platforms, now the majority are focused on DeFi protocols. Primarily, hackers target cross-chain bridges. This month 3 of them were hacked, and as a result $600 M was stolen. The sum accounts for 82% of October losses and 64% of 2022.