- The total losses in 2022 may exceed the total losses in 2021, which totaled more than $3.2 billion.
- On Tuesday, Solana’s popular Mango Markets trading protocol lost $100 million in liquidity.
According to a report by American blockchain analysis company Chainalysis, hackers stole $718 million worth of cryptocurrency from DeFi protocols in 11 separate hacks in October.
In 2021, attackers made more than $3.2 billion. But 2022 got off to an even worse start with a $325 million Wormhole vulnerability, a $625 million attack on Axie Infinity’s Ronin bridge, a $200 million Nomad bridge exploit, and finally a $200 million Wormhole exploit.
The research also stated that centralized exchanges were the target of the majority of breaches in 2019. Attacks now concentrate on DeFi protocols. In the cryptocurrency industry, attack methods include market manipulation, where rogue traders use millions of dollars to sway thinly traded markets in their favor to make multiples of the initial capital invested. Bridges are a blockchain-based tool that allows users to transact between different networks.
According to Chainalysis, over three bridges have been breached this month alone, with an attack on a BNB Chain-based bridge over the weekend resulting in exploiters illegally gaining over $100 million after the bridge was exploited for $566 million. The layer 1 blockchain QANplatform was then the target of a bridge hack on Monday, resulting in the theft of nearly $1 million in QANX tokens.
Solana’s popular Mango Markets trading protocol lost $100 million in liquidity on Tuesday night as a result of a rogue trader manipulating spot token prices to borrow all of the protocol’s assets to cover their position.
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